ECB: Stakeholders of large companies threaten privacy and innovation

Digital currencies issued by major technology companies, such as Libra from Facebook, raise concerns in the context of data protection. This was stated by Fabio Panetta, member of the Executive Board of the European Central Bank (ECB), writes Reuters.

“At stake are issues ranging from data security and compliance with EU data protection law to the shutdown of European financial innovation,” he said.

Previously, Panetta spoke about the benefits of the digital euro. According to him, the CBDC will help digitalize payments and modernize the European economy.

What is digital central bank currency (CBDC)?

Let us remind you that the ECB has long been talking about Libra in a negative way. In May, the regulator released a document which says about the potential impact of Libra on financial stability.

At the same time, the ECB is actively developing the digital euro initiative. In November, the head of the ECB Christine Lagarde announced a survey about it for EU residents.

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