The ECB plans to limit the issuance of digital euro 1.5 trillion

Article Reading Time:
1 min.

Fabio Panetta, a member of the Executive Board of the European Central Bank (ECB), spoke about the development of the digital euro project and proposed to limit its emission to 1.5 trillion rubles.

Speaking before the European Parliament's Committee on Economic and Monetary Affairs with a report on the results of the development of the digital euro project, Fabio Panetta said that in the event of the issuance of a state cryptocurrency, its emission will becapped at $1.5 trillion. 

In this way, the ECB will be able to limit in advance the amount of money in digital format that can be withdrawn from lending to individuals and businesses.Any undesirable consequences that may arise from the issuance of a digital euro for monetary policy and financial stability maybe minimized in advance.

"Keeping the volume of the digital euro at the level of one and a half trillionAs the population of the eurozone isabout 340 million people, this will allow us to store between 3,000 and 4,000 digital euros per capita," Panetta said.

He also drew the committee's attention to the fact that the general background of the adoption of the state cryptocurrency remains at a low level and many participants in the ECB survey "were not enthusiastic about the digital euro, to put it mildly, because they did not understand what was going onspeech."

In May, Fabio Panetta said that the ECB would be ready to issue a fully functioning state digital currency in four years.