Former European Central Bank (ECB) official and Governor of the Bank of Italy, Fabio Panetta, emphasized the significance of the digital euro in managing the risks associated with the increasing adoption of cryptocurrencies. In a recent annual report by the Bank of Italy, Panetta stressed the need for the European Union to progress with the central bank digital currency (CBDC) project to ensure financial stability and meet the demand for secure digital payments. He highlighted that regulations alone cannot effectively address the systemic risks posed by cryptocurrencies, underscoring the pivotal role of the digital euro in mitigating these risks. Panetta also discussed the impact of the EU's crypto regulatory framework and called for stronger international cooperation to establish global regulatory standards. Ultimately, he asserted that a digital euro, supported by the central bank, is essential in providing trust and functionality in the evolving payment landscape. Read more AI-generated news on: https://app.chaingpt.org/news

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