Piero Cipollone backed plans to introduce a digital euro at a hearing on Monday as the Italian central banker seeks approval to replace Fabio Panetta at the European Central Bank (ECB).
Cipollone, who has served as deputy governor of the Bank of Italy since 2020, is the only candidate to replace cryptocurrency skeptic Panetta when he steps down from the central bank's executive board in November. Cipollone's statements on Monday suggest he will not deviate from the ECB's existing digital currency policies.
A digital euro will "strengthen the ability to pay with public money across Europe using technology and infrastructure based in Europe," he told members of the European Parliament's Economic and Monetary Affairs Committee, promising offline functionality, accessibility and "excellent solutions" to protect privacy .
Cipollone's eight-year term has already been approved by eurozone finance ministers and the ECB itself, making his ascent to the position virtually certain.
Panetta has previously opposed private cryptocurrencies as a greed-motivated Ponzi scheme and also led the ECB's work on a digital euro, despite significant skepticism from lawmakers about the project's benefits for retail users.
Cipollone, who has served as deputy governor of the Bank of Italy since 2020, is the only candidate to replace cryptocurrency skeptic Panetta when he steps down from the central bank's executive board in November. Cipollone's statements on Monday suggest he will not deviate from the ECB's existing digital currency policies.
A digital euro will "strengthen the ability to pay with public money across Europe using technology and infrastructure based in Europe," he told members of the European Parliament's Economic and Monetary Affairs Committee, promising offline functionality, accessibility and "excellent solutions" to protect privacy .
Cipollone's eight-year term has already been approved by eurozone finance ministers and the ECB itself, making his ascent to the position virtually certain.
Panetta has previously opposed private cryptocurrencies as a greed-motivated Ponzi scheme and also led the ECB's work on a digital euro, despite significant skepticism from lawmakers about the project's benefits for retail users.