Published: 31.03.2022
Article reading time:
2 minutes.
The European Central Bank (ECB) believes that for the successful introduction of digital currencies of central banks, they must begin to be accepted by any outlets.
Fabio Panetta, a member of the ECB’s executive committee, released a statement saying that focus group studies have revealed a continued desire for people to “pay physically for purchases.” This factor, says Panetta, could be decisive in the adoption of government digital currencies.
According to the specialist, if citizens cannot pay for purchases in stores with the state digital currency, then ordinary fiat money will remain relevant. According to focus group studies, the majority of citizens do not welcome the idea of creating a digital euro, because they do not see much sense in it and believe that the Central Bank is simply looking for an opportunity to replace paper money.
The main feature of the new payment instrument should be convenience, the ability to “pay anywhere”. Panetta writes that the best scenario for the development of a national digital currency would be when it would be accepted by all sellers in the Eurozone:
“Focus group participants would like to see a solution that allows instant payments between individuals, regardless of the platform used by payers and recipients. When developing a CBDC, we need to come up with a universal solution. People don’t want to think about which platform to use and whether the seller supports it before paying for the goods.”
Panetta stressed that future ECB research will address privacy and other issues. At the end of the year, the organization will conduct another study to find out what type of regulatory framework would best regulate the digital currency.
Earlier, ECB President Christine Lagarde said that the need to develop a regulatory framework for cryptocurrencies is becoming more acute against the backdrop of the geopolitical situation in Eastern Europe.
Source: Bits
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
