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10/22/2020, 9:16 AM (Source: TeleTrader)
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ECB's Panetta: Digital euro would modernize economy

European Central Bank (ECB) Executive Board Member Fabio Panetta asserted on Thursday that issuance of a digital euro would support "digitalization and modernization of the European economy."

In his speech at the ECB Conference dubbed "A new horizon for pan-European payments and digital euro," he added that the central bank's digital currency would provide "access to a simple, costless, risk-free and trusted digital means of payment" across the euro area.

Panetta also noted that the implementation of the digital euro would not come without challenges, and warned that potential cyber risks, privacy protection issues, as well as the impact that the introduction of a digital currency could have on the "financial stability and on monetary policy," all need to be taken into account.

Breaking the News / BU