ECB Councilor: Private stablecoins threaten data privacy and innovation
Stablecoins from major tech companies pose a data protection threat and can undermine financial innovation. This opinion was expressed by a member of the Executive Council of the European Central Bank (ECB) and former Governor of the Bank of Italy Fabio Panetta this Wednesday.
“Challenges range from data security and compliance with EU data protection laws to the end of European financial innovation,” Reuters quoted him as saying..
Earlier, various European and American officials voiced similar concerns about the Libra stablecoin project launched by Facebook, and French Finance Minister Bruno Le Maire promised to block its development in Europe..
Panetta made his comment at a time when the ECB is increasingly considering launching a digital euro. At the end of last week, ECB President Christine Lagarde officially announced the beginning of public consultations on this topic..
Panetta announced a few weeks ago that the ECB may issue a digital euro for use in force majeure. He also called the proliferation of private payment systems with support for digital currencies one of the factors for creating such a tool..
Cryptocurrencies pose no risks to the euro due to their low prevalence – Mario Draghi The head of the European Central Bank believes that the impact…
Bank of Japan conducts research on digital currencies The Bank of Japan conducts research on digital currencies, Central Bank Governor Haruhiko Kuroda said in a…
The head of the Bundesbank urged not to destroy the Libra cryptocurrency in its infancy President of the German Federal Bank and Member of the Board of the European…
France to test national digital currency in Q1 2020 French central bank plans to test central bank digital currency…
Revolut Bank will transfer ownership of cryptocurrencies to clients, but will not allow withdrawals to Fintech Bank Revolut next month….