ECB Policy Member Predicts Complete Digitalization of Commercial Bank Money

On the 21st, Fabio Panetta, a member of the European Central Bank (ECB) policy committee, stated that the funds handled by commercial banks will eventually be fully digitalized, according to Reuters. He emphasized that both central bank money and private bank money will continue to be the pillars of the financial system, and both need to be digitalized. Mr. Panetta, who serves as the Governor of the Bank of Italy, expressed that although the use of stablecoins is expected to expand, they will not replace traditional currencies. The US administration is promoting digital assets to support the demand for the dollar, and stablecoins are set to develop significantly. However, the financial system will continue to be maintained around the funds of central banks and commercial banks...