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ECB Official Pushes for CBDC Development Citing Betterment for Consumers
Fabio Panetta, the executive board member of the European Central Bank (ECB), recently published a pushing forward the need for developing a central bank digital currency (CBDC). As per the previous reports, the ECB has been already working on its CBDC – Digital Euro – and could see it coming into the market by 2025.
ECB and CBDC
In his arguments in the blog post on January 5, Panetta presented his latest arguments noting that by developing CBDCs, central banks “will safeguard the trust on which private forms of money ultimately depend”.
Panetta began his arguments by adding how the last of 2022 was pretty rough for the cryptocurrency market. “Last year marked the unraveling of the crypto market as investors moved from the fear of missing out to the fear of not getting out,” he said. The ECB executive has been a skeptic of cryptocurrencies in the past as well.
Thus, the recent unraveling of
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