ECB official urges CBDC development for the good of cryptocurrency.

6 Jan 2023

So I really want to take your point of view on this, do you think it's a good thing to do to the Crypto industry or it's a negative thing to do to the Crypto space.
**European Central Bank (ECB) executive board member Fabio Panetta, a vocal supporter of central bank digital currency (CBDC) and skeptic of cryptocurrency, presented his latest argument for the former on Jan. 5. Writing on the official ECB blog, he said that by developing CBDCs, central banks “will safeguard the trust on which private forms of money ultimately depend.”**

**Panetta began his argument with a harsh appraisal of cryptocurrency in 2022. “Last year marked the unravelling of the crypto market as investors moved from the fear of missing out to the fear of not getting out,” he said.**

**That observation served as a segue to an examination of the position that cryptocurrency should be left alone to “burn rather than regulate at the risk of legitimizing cryptos.” But this is a strawman that is immediately taken down:**

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