ECB Councilor: Private stablecoins …

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..

ECB Councilor: Private stablecoins ...

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..

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