European Commission To Present Regulatory Framework For Digital Euro In June

Name	Symbol	Market	Market Cap ($)	Algorithm
Mina	MINAUSD	Crypto	879,008,581	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Mina

MINAUSD

Crypto

879,008,581

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00	0.00%	0.827	0.827	0.828

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00

0.00%

0.827

0.828

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.834	0.827	0.830	0.827	0.349000 - 1.73

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.834

0.827

0.830

0.827

0.349000 - 1.73

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	01:29:09	448.56	0.827	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

01:29:09

448.56

0.827

USD

Price x Volume	Volume	Base Symbol	Related Pairs
4,809.09	5,791.94	MINA	MINAEUR	MINAGBP	MINABTC

Price x Volume

Volume

Base Symbol

Related Pairs

4,809.09

5,791.94

European Commission To Present Regulatory Framework For Digital Euro In June

28/05/2023 11:53am

NEWSBTC

Fabio Panetta, a member of the Executive Committee of the European Central Bank (ECB), recently announced that the European Commission would be presenting a legislative proposal for the digital euro in June. He further stated that the next steps would be decided in October. Digital Euro Regulatory Framework In Progress In an interview with the ECB’s official site, Panetta confirmed that the eurozone bank is in regular contact with the European Commission to establish a regulatory framework for the digital euro. The digital euro is set to become the official central bank digital currency (CBDC) for the 27 countries in the European Union. Panetta stated, “We are studying the design of the digital euro, its distribution, and its impact on the financial sector.” He also mentioned that the proposal expected to be presented in June would receive a response from the Governing Council of the ECB in October. Related Reading: Sui (SUI) Continues Downward Trend As Bears Maintain Control The Governing Council will then decide whether to initiate a preparation phase to develop and test the digital euro. According to Panetta, the European CBDC testing phase could last two to three years. If everything progresses smoothly and both the Governing Council of the ECB and the legislators of the European Parliament approve the proposal, the digital euro could be launched in approximately three to four years, estimated Panetta. Will The Digital Euro Receive Significant Adoption? During the interview, Panetta was asked about the benefits and potential risks of using the digital euro. In response, he emphasized the need to provide citizens with a risk-free digital means of payment that can be used freely throughout the euro area. Panetta highlighted that such a solution currently does not exist, pointing out that the card payment market is dominated by non-European companies, specifically referring to Visa and Mastercard. He stated that this situation would be unthinkable in the United States and expressed concern about companies selling users’ personal data. Related Reading: Shiba Inu Burn Rate Surges 1500% In 24 Hours, Yet Price Continues To Struggle In Red Panetta also emphasized the importance of central bank money remaining at the financial system’s core. The increasing adoption of cryptocurrencies like Bitcoin (BTC) raises concerns for entities like the ECB. Addressing concerns about privacy, Panetta clarified that the ECB would not have access to personal data. Financial intermediaries will handle the distribution of the digital euro, and a balance must be found between ensuring confidentiality and combating money laundering and terrorist financing. Panetta noted that the responsibility of finding this balance lies with the legislators. CBDCs On The Rise Central Bank Digital Currencies (CBDCs) are indeed on the rise as countries worldwide explore the potential of digital currencies issued and regulated by central banks. Countries like the Bahamas and Nigeria have already launched their digital currencies, while China and Japan are in advanced pilot stages. -Featured image from iStock.com, chart from Tradingview.com

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

MINAUSD Mina