Prepare for Digital Euro: European Central Bank Tells European Union (EU)
AI Trading

Fabio Panetta, the executive board member of the European Central Bank (ECB), has on October 2nd told the European Union (EU) to prepare to issue a digital Euro in order to complement fiat currencies.

This report has revealed the spread of digitalization in all areas of life and how it has increased the demand in work, economic interaction, and consumerism.  According to Panetta, digitalization has had a major impact on the social, economic fabric of the mainland continent.

He said,

“The way we pay is no exception. Our practices are changing – in some countries rapidly so. Not long ago, cash was the only way to pay instantly. It is still the dominant payment method for small amounts. But the trend is towards cashless, contactless payments. We are increasingly making purchases using tap-and-go cards, an app on our phone, or even a smartwatch.”

AI Trading

He beckons to central banks around to world to ask themselves if a digital currency could be used to complement cash.  He pointed out that digital currency is the unnoticed pathway to the digitized future. Therefore, the ECB must consider the creation of a counterpart to the euro.

He further explained by calling the digital euro a ‘pressing’ issue and that Europe should get ready to issue a digital currency when necessary. The report added that “a digital euro would complement cash, not replace it.”

Panetta’s update went with the release of a report by ECB on digital currencies.  Among several conclusions, the report stated that ECB would be soliciting and experimenting feedback on digital currencies in subsequent months in expectation of creating a complete-digital euro.

Regarding the challenges posed by the introduction of a digital euro into the European monetary system, the report says, “Some of these challenges are related to people’s individual rights, such as the right to privacy. We will have to resolve these issues when we develop functional and technological designs.”

Join us on Twitter

Join us on Telegram

Join us on Facebook

AI Trading produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Tobi Loba

By Tobi Loba

Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.