The ECB may legalize state-owned cryptocurrency as a means of payment within two years – Bits Media

Member of the Board of the European Central Bank (ECB) Fabio Panetta stated, that the state digital currency can become legal tender in the European Union within two years.

At a meeting of the Intergovernmental Commission on Economic cooperation, held on Tuesday in Helsinki, Fabio Panetta (Fabio Panetta) stated, what if the Central Bank continues to launch its own digital currency, то за пару лет новая форма денег станет законным платежным средством в зоне евро. Однако он предупредил, that obtaining legal tender status "should not be taken for granted".

This status could potentially be given to digital currency, issued by the central bank, advantage over other forms of electronic payments in Europe, which are not recognized as legal tender. Если ЕЦБ удастся сделать государственную криптовалюту рентабельной и гарантировать удобство ее использования, это может обеспечить более широкое распространение, than critics of the project suggest.

Last week, Panetta denied claims that, that the Central Bank’s digital currency will be “redundant” among alternatives and said, that the central bank will ensure its sufficient attractiveness, to encourage usage for payments. He also warned, what if government cryptocurrency is used as a store of value, this will harm the EU banking system.

Chairman of the Central Bank of Russia Elvira Nabiullina agreed with Panetta. She emphasized the importance of a "smooth transition between forms of money", calling it "critical to public confidence in this money".

"We believe, that digital currency will be recognized as legal tender, this will be mandatory for sellers", - said Nabiullina.