A digital euro would prevent fragmentation in the financial settlement market and lessen Europe’s dependence on solutions from abroad, Piero Cipollone has argued.

The European Central Bank board member today (May 15) used a speech in Paris to express his preference for central bank digital currencies over alternatives such as stablecoins.

“If the use of US dollar stablecoins becomes more widespread, the banks could lose fees, data and deposits,” he warned.

Introducing a European CBDC was an

Copyright Infopro Digital Limited. All rights reserved.

You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.

If you would like to purchase additional rights please email info@centralbanking.com