The regulatory framework for the digital euro initiative will be published in June of this year, according to his most recent remarks. He also informed the media that the next stage in the advancement of the CBDC will take place in October. His comments corroborate the ECB's intention to expedite the launch of the digital euro.

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Panetta stated on the official website of the European Central Bank (ECB) that the ECB and the European Commission are in regular contact. By this extension, it is possible that the digital euro will be recognized as the Eurozone's official CBDC.

In this scenario, the digital euro could become the digital analogue of legal tender in approximately 26 European nations. Additionally, he stated that analysts and technicians are conducting research on the impact and design of the digital euro.

Governing Council and European Parliament are Working Together to Finalize the Digital Euro Legislation

The governing council of Europe and the European Parliament have approved the most recent proposal for the development of a regulatory framework for the digital euro. Three to four years from now, according to experts, the digital euro-pilot will be introduced.

During his conversation with the journalists, Panetta elucidated the benefits and drawbacks of the digital euro. He emphasized the potential dangers associated with the introduction of a new type of currency that has no tangible form.

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Additionally, he emphasized the importance of providing the populace with risk-free digital payment options. He asserted that the digital euro will facilitate a rapid and uncomplicated spread throughout Europe's economic region.

Moreover, he stated that improved risk-mitigation payment methods are not available to the general public at this time. According to his most recent remarks, VISA and MasterCard currently control the majority of card-based payments worldwide.

Speaking with journalists, he asserted that numerous card companies have discovered legal means to collect and sell their customers' data.

According to him, this data is sold to the highest bidders and third parties, who may use it for a variety of purposes. Moreover, he asserted that Bitcoin and the adoption of the digital euro may conflict.

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In response to the widespread concern regarding the privacy of consumers, he asserted that the ECB will not acquire personal information from citizens. The distribution of the digital euro, according to him, will be the responsibility of financial intermediaries such as banks.

He emphasized the importance of addressing AML regulations, terrorism financing, and consumer privacy.