Fabio Panetta, a member of the European Central Bank board of directors, proposed a digital euro. Panetta emphasizes that the digital Euro will be required.
Fabio Panetta points out the necessity for the digital Euro
The rise in the crypto money market also causes digitalization in the currencies used by the countries. In particular, China’s digital Yuan move is of great importance in this regard.
The European Central Bank (ECB) could follow a similar path to the decision taken by the Chinese government. ECB board member Fabio Panetta emphasized the necessity of the digital Euro in his statement. He said that if necessary, the digital Euro will complement the banknotes.
Panetta says that in a scenario where citizens abandon physical payments and adopt electronic currencies, the digital euro will be necessary for economic sustainability.
Facebook’s Libra plays an important role in the action of central banks all over the world towards digital currencies. However, even though Facebook has narrowed the scale of Libra, Central Banks do not give up the digital currency move.