According to CryptoPotato, Fabio Panetta, a European Central Bank (ECB) Executive Board member, announced on September 4 that the central bank is close to completing its research and investigation phase on the potential development and issuance of a digital Euro. The ECB first published a report on a central bank digital currency (CBDC) in October 2020 and is now ready to move forward.

Panetta emphasized the importance of legal tender status for the digital Euro, ensuring accessibility and availability across the Eurozone. He compared the CBDC's accessibility to that of electricity and water. Additionally, Panetta mentioned the development of a new payment solution based on the CBDC, which would offer enhanced privacy and data protection while minimizing risks related to money laundering and terrorism financing.

However, Panetta also warned against leaving the development of such services solely to the private sector, including big tech companies like PayPal, which recently launched its own dollar-pegged stablecoin. He argued that private providers have no incentive to limit the take-up of their stablecoins or the range of services they provide, potentially leading to monopolies and centralized control.

In his address to the European Parliament, Panetta concluded that the digital Euro would provide a digital means of payment that unites the bloc, as it can be used by everyone, everywhere. He also highlighted the opportunity for Europe to lead the international debate on CBDCs, focusing on privacy and preserving monetary sovereignty in the digital age.

According to the Atlantic Council CBDC Tracker, only 11 countries have fully launched a CBDC, most of them in the Caribbean. However, 130 countries are currently researching the possibility of implementing their own CBDCs.