Bank AI

<div class="cryptonews"> 
 <p class="is-style-lead">The European Central Bank <a rel="noopener noreferrer nofollow" title="executive" href="https://thebittimes.com/tag/executive.html">executive</a>, Fabio Panetta, stated in a speech that the EC proposal for the <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> euro could give the CBDC legal tender status.</p> 
 <p>In a speech at the Economic and Monetary Affairs Committee, the executive said that the European Commission’s legislative proposals for the digital euro place Europe at the forefront of advanced economies. Panetta added that the digital euro could be a new form of central bank money.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr"> A digital euro would be a new form of central bank money, says Executive Board member Fabio Panetta. It is now up to legislators to ensure it would replicate key characteristics of cash in the digital sphere, particularly its privacyhttps://t.co/nQJzYylwpV<br><br>1/3 pic.twitter.com/4XPlk83Lwj</p>— European Central Bank (@ecb) September 4, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <p>The European Commission (EC) revealed its proposal for the <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> euro on June 28. The ECB <a rel="noopener noreferrer nofollow" title="executive" href="https://thebittimes.com/tag/executive.html">executive</a> explained that the <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> euro will preserve European monetary sovereignty, helping citizens access a public payment option.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> IBM proposes ideas for digital euro implementation 
 </div> 
 <h2 class="wp-block-heading" id="the-digital-euro-s-development">The digital euro’s development</h2> 
 <p>Fabio Panetta, an executive board member of the ECB, has set a deadline of three to four years to launch the digital euro. He mentioned that 50 people are working on the digital euro project, studying its design, distribution, and impact on the financial sector. The ECB plans to start a test phase for the central bank’s digital currency, which could last two or three years, after preparing a legislative proposal.</p> 
 <p>In a statement issued after a meeting in Brussels, the eurozone finance ministers emphasized their support for <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> euro research. They also highlighted that specific design and application <a rel="noopener noreferrer nofollow" title="Category Features" href="https://thebittimes.com/features.html">Features</a> under consideration would necessitate political decisions. The European Central Bank and European Commission have taken up the task of keeping the Eurogroup and EU member states updated on the progress of the <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> euro’s construction.</p> 
 <p>The ECB has released progress reports on the digital euro, outlining different approaches and distribution options. The initial plan is to make the digital euro accessible to euro area residents, governments, and merchants. Non-resident Euro-area citizens may also have access if they hold an account with a euro-area-based payment services provider. The report also mentions the possibility of expanding access to consumers from selected third countries and exploring cross-currency functionalities with other central bank digital currencies.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Spain’s central bank expects digital euro to enhance financial services 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div> 
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ecb-executive-fabio-panetta-aims-for-digital-euro-expansion-tbt61578.html">https://thebittimes.com/ecb-executive-fabio-panetta-aims-for-digital-euro-expansion-tbt61578.html</a></p>

ECB executive Fabio Panetta aims for digital euro expansion

Table of Contents

TheBitTimes

Other articles published on Sep 5, 2023

WEMIX introduces “unagi”: a new omnichain initiative that transcends blockchain boundaries

UAL Stock to Surpass $50; RSI Suggest Buyers Accumulation

Sandy Carter, COO of Unstoppable Domains, on User-Owned Digital Identities, Web3 Domains, and Own...

CBDC Integration into E-commerce Platforms Using QR Codes

Swing trading in crypto: what it is, how it works, tips, and strategies

What Are The Odds That a Bitcoin ETF Will be Launched in 2023?

Join our free newsletter for daily crypto updates!