ECB Pushes for Digital Euro Amid Privacy Concerns and Banking Risks

According to Cointelegraph, the European Central Bank (ECB) is intensifying efforts to introduce a digital euro, facing resistance from European Union lawmakers over privacy issues and potential impacts on commercial banks. ECB board member Piero Cipollone addressed a parliamentary economic committee, emphasizing that a digital euro would ensure all Europeans have access to a universally accepted digital payment method, even during major disruptions. However, some parliamentarians expressed concerns about the digital currency's ability to protect user privacy and the possibility that central bank-backed accounts could undermine the private banking sector. The legislation for the central bank digital currency (CBDC) has been under consideration by the European Parliament since 2023, experiencing delays due to political concerns and the 2024 elections source: https://www.binance.com/en/square/post/29267980791634?utm_source=BinanceNewsRSS