Skepticism Echos as ECB Pushes for Digital Euro

The European Central Bank (ECB) remains steadfast in its plan to introduce a digital euro, aiming to offer a reliable and readily available payment option during economic disruptions. However, this proposal is facing skepticism from EU lawmakers concerned about privacy safeguards and the potential impact on traditional banking sectors. While ECB board member Piero Cipollone highlighted the digital euro’s potential for enhanced crisis preparedness and independence from external providers, some parliamentarians expressed reservations about user privacy and the possible weakening of private banks.