Last Friday, European Central Bank (ECB) Board member Fabio Panetta talked about the digital Euro during a speech in Rome, mentioning sovereignty as the first benefit of launching a central bank digital currency (CBDC).
It’s been highlighted many times that two thirds of European card payments are through US-based Visa and Mastercard, and there’s also PayPal in digital payments. Card payments are the key reason that 20 banks created the European Payments Initiative.
“The ‘colonisation’ of the European payment system is not an imminent danger,” said Panetta. But he pointed to the rise of stablecoins to over $120 billion combined with the expansion of Big Tech into finance. The response to the two trends should be addressed by more than just supervision and regulation, but with a CBDC.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
