ECB’s Piero Cipollone mentioned stablecoin adoption might erode financial institution deposits, however the digital euro will maintain banks on the heart of funds.
European Central Financial institution Government Board member Piero Cipollone mentioned wider stablecoin adoption might erode industrial banks’ retail deposit base.
He made the remarks Friday in a speech to Italy’s Federation of Cooperative Credit score Banks in Rome, the place he argued that digital funds are reshaping banking and rising Europe’s reliance on non-European cost infrastructure.
Cipollone mentioned banks are already dropping cost charges and transaction information to cellular cost suppliers. He added that the digital euro would assist protect banks’ function within the funds system.
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