The European Parliament Could Prevent Launch of Digital Euro
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The European Parliament could prevent the ECB from issuing a national digital currency, according to Fabio Panetta, a member of the regulator's board of directors.

According to him, doubts about the value of CBDC among lawmakers are growing.

Panetta has commented:

"There should be a political decision to issue [a digital euro], and then the central bank should be ready to respond. [...] If that call [not to go ahead] is done at the political level, via the European Parliament, and the European Union’s Council, I cannot see any chance of the ECB deciding autonomously or independently to progress."

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The governing council member has called on parliamentarians to pass new laws that would secure the status of a means of payment for CBDC. He has cited a study of the Central Bank, according to which citizens consider the ability to pay anywhere as the "most important feature" of the national digital currency.

He has explained:

"We want to be sure that in any situation, in any circumstance, we will have a framework that would allow all European citizens to pay everywhere in a safe and efficient manner at cheap costs."

According to Panetta, the ECB is exploring a way to make the tool available to the 5% or so of the population that does not have or does not want to have a bank account, including making KYC checks through post offices, online or through other intermediaries.

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