Unbacked cryptocurrencies are not an efficient means of payment and stablecoins are vulnerable to runs, top officials at the European Central Bank have pointed out in a new article making the case for a digital euro. The executives have marked key objectives for the project which should provide Europeans with “easy access to central bank money” in the digital era. Trend Toward Digital Money Creates Risks, Senior ECB Officials Warn Maintaining access to central bank money is crucial for financial stability when payments are becoming increasingly digital. The digital euro can achieve that, according to the President of the European Central Bank ( ECB ) Christine Lagarde and Fabio Panetta, member of its executive board. The high-ranking representatives of the eurozone’s monetary authority have thrown their support behind Europe’s central bank digital currency ( CBDC ) in a piece published this week in the bank’s blog, in which they note that the “successful model for payments” that l
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