European Central Bank (ECB) has been working on the legislative proposals for CBDC. To this end, the latest update has been issued by Fabio Panetta. He is serving as a member of the executive committee at ECB.
As per his latest remarks, the regulatory framework for the digital euro project will be issued in June this year. He also informed the media that the next step in advancing the CBDC will ensue in October. His remarks have confirmed that ECB intends to fast-track the launch of the digital euro.
Speaking with the ECB official site, Panetta the ECB, and the European Commission are conducting regular correspondence. By this extension, possibly the digital euro can get a ranking as the official CBDC in the Eurozone.
In such a scenario, the digital euro could become the digitized equivalent of legal tender in around 26 nations across Europe. He has also mentioned that analysts and technicians are conducting studies on the impact and design of the digital euro.
Governing Council and European Parliament are Working Together to Finalize the Digital Euro Legislature
The governing council of Europe and the Parliament has approved the latest proposal for the preparation of the regulatory framework for the digital euro. Experts predict that the digital euro-pilot can be launched in the upcoming 3 to 4 years.
While talking to the journalists, Panetta maintained shed light on both pros and cons of the digital euro. He highlighted the potential risks of the introduction of a new type of currency that does not have any physical appearance at all.
He also emphasized the necessity of offering the masses means for risk-free digital payments. He claimed that the digital euro will ensure a quick and easy permeation in the economic region of Europe.
He also said that at present better risk mitigation payment methods are not available at the disposal of the masses. As per his latest remarks, at present the two giants namely VISA and MasterCard control the lion’s share of the card-based payments across the globe.
Talking to the journalists, he maintained that there are many card companies that have found legal ways to collect and sell the data of their consumers.
Addressing the major concern around the privacy of the consumers, he maintained that ECB is not going to collect personal data from the citizens. He also claimed that the distribution of the digital euro will be up to financial intermediaries such as banks.
He mentioned that there is a strong need to manage issues concerning AML regulations, terror financing, and maintaining the privacy of consumers.
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