European Central Bank (ECB) Executive Board member Fabio Panetta (pictured left) said on Monday that the investigation phase of the digital euro entered its final stage.
Speaking in front of the Committee on Economic and Monetary Affairs of the European Parliament, Panetta stressed that in order for the digital euro to replicate "cash-like features," a proper regulatory framework needs to be put into place.
ECB's report, published today, revealed that the digital currency, in its initial release, "would be accessible to euro area residents, merchants and governments." Non-resident Eurozone citizens "might also have access, provided that they held an account with a euro area-based payment services provider (PSP)," the report read. The bank stated that the digital euro could be made available through existing "banking apps or via an app provided by the Eurosystem."
