ECB Executive Board member Fabio Panetta believes that crypto assets are largely used for criminal activity.
A member of the executive board of the European Central Bank, Fabio Panetta, in an interview with the FT, called crypto assets, including bitcoin, “dangerous beasts”.
According to the Italian economist, cryptocurrencies are largely used “for criminal activities” and also consume “a huge amount of energy.
According to the ECB executive board member, the digital euro will be able to reflect the threats that cryptocurrencies pose to the monetary sovereignty of the European Union in the future.
The economist believes that central banks will be able to ensure the privacy of personal data better than private companies, as regulators are not interested in monetizing user data.
Panetta also admitted that with the help of digital euro it will be possible to make anonymous payments, but it will only be possible for small amounts.
In January 2021, Christine Lagarde, head of the European Central Bank, already warned that bitcoin could be used in money-laundering schemes.
She also called for stricter regulation of cryptocurrencies.
The exact release date of the digital euro is still unknown. In October 2020, the ECB presented four scenarios for the issue of the national digital currency.
The regulator also named the conditions that are necessary for the creation of the digital euro.
