We will not know digital euro user identity - ECB's Panetta

Thursday, 29. September 2022 09:16

Fabio Panetta (pictured left), a member of the European Central Bank's executive board, commented on Thursday on a digital euro, saying that the ECB is now set to explore how it could resemble ''cash-like features'' and ''enable greater privacy for low-value transactions,'' adding, however, the Eurosystem will not be able to learn about the identity of people who use the digital euro.

The bank is now also determining which technology should be used for settlement activities and very soon will start working on ''a rulebook for the digital euro scheme,'' Panetta said. He further noted that the ECB would not be involved in the operation of the digital euro accounts and other payment operations as that would be the role of intermediaries. They would oversee and provide funding of ''digital euro accounts or wallets with cash, or they could convert commercial bank money – that is, bank deposits – into digital euro,'' and much more, Panetta explained.

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Baha Breaking News (BBN) / MM