{"id":44661,"date":"2021-06-21T10:18:57","date_gmt":"2021-06-21T07:18:57","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=44661"},"modified":"2025-08-31T18:01:31","modified_gmt":"2025-08-31T15:01:31","slug":"ecb-outlines-the-digital-euros-advantages-over-private-stablecoins","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ecb-outlines-the-digital-euros-advantages-over-private-stablecoins\/","title":{"rendered":"ECB outlines the digital euro’s advantages over private stablecoins"},"content":{"rendered":"

The digital euro would offer better privacy protection than private stablecoins, ECB Executive Board member Fabio Panetta said in an interview with the Financial Times<\/a>.<\/p>\n

According to the official, unlike private firms, central banks have no commercial interest in storing, handling and monetising user data.<\/p>\n

Panetta noted that consumers are more comfortable when a public institution is responsible for safeguarding their personal data. He emphasised that the ECB has a full range of tools to ensure security.<\/p>\n

\n

\u00abThere are many ways we can protect confidential data, ensuring legally required checks to curb illicit activities such as money laundering, financing of terrorism or tax evasion\u00bb, \u2014 added Panetta.<\/p>\n<\/blockquote>\n

In January 2021, the ECB completed public consultations on the digital euro. Most respondents named data privacy as the most important characteristic of the CBDC<\/span><\/a>.<\/p>\n

Panetta regards private stablecoins such as Diem from Facebook<\/a> as \u201cpotential threats\u201d to monetary regulators. In his view, they could alter consumers\u2019 attitudes toward digital tools.<\/p>\n

\n

\u00abIf people want to make digital payments, and we don\u2019t give them that option, someone else will,\u00bb he noted.<\/p>\n<\/blockquote>\n

The official also said that the ECB has conducted pilot offline payments with the digital euro for small amounts (up to \u20ac70-\u20ac100). In such transactions, user data is not transmitted beyond the sender’s and recipient’s wallets, and the link between them is established via Bluetooth.<\/p>\n

In April 2021, ECB President Christine Lagarde said that the European Union could issue its own CBDC within four years<\/a> if policymakers approve the project.<\/p>\n

Analysts at Morgan Stanley estimated that the digital euro would move around 8% of the EU banking system’s deposit base<\/a>.<\/p>\n

Subscribe to ForkLog news on VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

The digital euro would offer better privacy protection than private stablecoins, ECB Executive Board member Fabio Panetta said in an interview with the Financial Times.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1095,1753,1410],"class_list":["post-44661","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cbdc","tag-digital-euro","tag-ecb"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/44661","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=44661"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/44661\/revisions"}],"predecessor-version":[{"id":44662,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/44661\/revisions\/44662"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=44661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=44661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=44661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}