Member of the Executive Board of the European Central Bank Fabio Panetta in an interview with Financial Times called Cryptoacivals, including Bitcoin, “Hazardous Beasts”. The Italian economist believes that cryptocurrencies are largely used “for criminal activity” and also consume a “huge amount of energy”, writes RBC.
According to the member of the ECB Executive Board, the digital euro will be able to reflect the threats in the future, which are cryptocurrencies for the monetary sovereignty of the European Union. The economist is confident that the Central Bank will be able to ensure the confidentiality of personal data better than private companies, as regulators are not interested in monetizing user data.
Also Panett made that with the help of a digital euro, anonymous payments can be performed, but it will be possible only for small amounts.
In January 2021, the head of the European Central Bank, Christine Lagard, has already warned that Bitcoin can be used in money laundering schemes. She also called on to tighten the control of cryptocurrency.
The exact date of release of the digital euro is still unknown. In October 2020, the ECB presented four scenarios for the issuance of the national digital currency. Also, the regulator called the conditions that are necessary for creating a digital euro.