ECB's de Guindos: Action on CBDCs Necessary to Protect the Euro

5 September 2023

By Mariana Somensi – NICOSIA (Econostream) - Europe cannot afford to remain passive while other jurisdictions move ahead in terms of central bank digital currencies (CBDCs), European Central Bank Vice President Luis de Guindos said on Tuesday.

In a speech at a legal conference organised by the ECB, de Guindos said, ‘If other central bank digital currencies were allowed to be used more widely for cross-border payments, we could risk diminishing the attractiveness of the euro.’

Addressing exposure to competition from alternatives such as global stable cards is important to safeguard the euro area’s monetary sovereignty and the stability of the financial sector, he added.