He is a member of the executive committee of the European Central Bank and Head of the Euro Digital Project that the ECB and the national central banks have started for some years to evaluate the possibility of issuing a new form of Central Bank currency, the central bank digital currency (CBDC) who will not replace the cash but will be joined in everyday use.
We are talking about Fabio Panetta next President of the Bank of Italy that will take over from November to Ignazio Visco.
If the time of realization of the digital currency will be respected, its final form in three/four years should be reached. There are many agreements to be put in place with commercial banks, Payment services, Other intermediaries, ecc.
It will be a safe means of 100% for digital payments as a coin issued by the European Central Bank.
In a recent interview, the Italian economist and banker highlighted what will be the main advantages for European citizens of the digital euro:
- Expansion of payment options;
- Increase in competition;
- Decrease in transaction costs for operators;
- Reduction of prices for consumers.
The final goal will be to stimulate the digitization and innovation for the entire European economy with a tool that leads to ease of use, Resilience and social inclusion.
Alex Gaetani
ECB, A digital euro – Everything you need to know