{"id":535760,"date":"2023-01-05T22:15:00","date_gmt":"2023-01-05T19:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ecb-official-urges-cbdc-development-for-the-good-of-cryptocurrency-and-consumers\/"},"modified":"2023-01-05T22:15:00","modified_gmt":"2023-01-05T19:15:00","slug":"ecb-official-urges-cbdc-development-for-the-good-of-cryptocurrency-and-consumers","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ecb-official-urges-cbdc-development-for-the-good-of-cryptocurrency-and-consumers\/","title":{"rendered":"# ECB official urges CBDC development for the good of cryptocurrency and consumers"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3be45e75d9f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3be45e75d9f\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ecb-official-urges-cbdc-development-for-the-good-of-cryptocurrency-and-consumers\/#%E2%80%9D_ECB_official_urges_CBDC_development_for_the_good_of_cryptocurrency_and_consumers_%E2%80%9C\" >&#8221; ECB official urges CBDC development for the good of cryptocurrency and consumers &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_ECB_official_urges_CBDC_development_for_the_good_of_cryptocurrency_and_consumers_%E2%80%9C\"><\/span>&#8221; ECB official urges CBDC development for the good of cryptocurrency and consumers &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDEvZTIxMWFkMTAtMGM1My00NmZjLTg4ZDMtY2ViNWI2ZDAzMTg2LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-6ed77c39>European Central Bank (ECB) executive board member Fabio Panetta has been a vocal supporter of central bank digital currency (CBDC) and cryptocurrency sceptic, and he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ecb.europa.eu\/press\/blog\/date\/2023\/html\/ecb.blog230105~75d5aee900.en.html\">presented<\/a> his latest argument for CBDC on Jan. 5. Writing on the official ECB blog, he said that, by developing CBDCs, central banks \u201cwill safeguard the trust on which private forms of money ultimately depend.\u201d<\/p>\n<p>Panetta began his argument with a harsh <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>raisal of cryptocurrency in 2022. \u201cLast year marked the unravelling of the crypto market as investors moved from the fear of missing out to the fear of not getting out,\u201d he said. <\/p>\n<p>That observation served as a segue to an examination of the position that cryptocurrency should be left alone to \u201cburn rather than regulate at the risk of legitimising cryptos.\u201d But this is a strawman that is im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely taken down:<\/p>\n<blockquote><p>\u201cFirst, despite their fundamental flaws, it is not certain that crypto assets will ultimately self-combust.\u201d<\/p><\/blockquote>\n<p>Second, \u201cthe cost to society of an unregulated crypto industry is too high to ignore,\u201d especially for \u201cuninformed investors.\u201d Panetta went on to mention money laundering and environmental harm, and quipped, in the style that characterized the blogpost:<\/p>\n<blockquote><p>\u201cIt is not just cryptos that are being burnt.\u201d<\/p><\/blockquote>\n<p>Having established the necessity of regulation, Panetta suggested that the European Union\u2019s Markets in Crypto Assets (MiCA) legislation was an important step, but insufficient in regard to crypto asset lending or non-custodial wallet services. In addition, \u201cunbacked cryptos [\u2026] should be taxed in accordance with the costs they impose on society,\u201d Panetta said. His solution:<\/p>\n<blockquote><p>\u201cTrading in unbacked digital assets should be treated by regulators like gambling.\u201d<\/p><\/blockquote>\n<p>That treatment would include both taxation and measures to protect \u201cvulnerable consumers.\u201d <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">It&#8217;s amazing to see how frequently the ECB is publicly engaging on the topic of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#crypto<\/a> &amp; <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>. Probably more than any other central bank in the world. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/QCcoFqNJaP\">https:\/\/t.co\/QCcoFqNJaP<\/a><\/p>\n<p>\u2014 Patrick Hansen (@paddi_hansen) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/paddi_hansen\/status\/1611020544014536710?ref_src=twsrc%5Etfw\">January 5, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Even with taxation and regulation, crypto will have shortcomings, Panetta argued. Only CBDC \u201ca risk-free and dependable digital settlement asset,\u201d and by preserving the role of the central bank, trust in cryptocurrency will be safeguarded, he concluded.<\/p>\n<p><strong><em>Related: ECB should have DLT wholesale settlements when the market wants it, official says<\/em><\/strong><\/p>\n<p>The ECB blog caught the eye of the crypto community Nov. 30 with an entry titled \u201cBitcoin\u2019s Last Stand.\u201d Panetta has previously proposed banning crypto assets that have significant environmental impact. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/ecb-official-urges-cbdc-development-for-the-good-of-cryptocurrency-and-consumers\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; ECB official urges CBDC development for the good of cryptocurrency and consumers &#8220; European Central Bank (ECB) executive board member Fabio Panetta has been a vocal supporter of central bank digital currency (CBDC) and cryptocurrency sceptic, and he presented his latest argument for CBDC on Jan. 5. Writing on the official ECB blog, he&#8230;<\/p>\n","protected":false},"author":1,"featured_media":535761,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/e211ad10-0c53-46fc-88d3-ceb5b6d03186.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75046,74863,128266,70934,46483],"class_list":["post-535760","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cbdc","tag-cryptocurrencies","tag-mica","tag-regulation","tag-taxes"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/535760","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=535760"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/535760\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/535761"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=535760"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=535760"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=535760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}