ECB’s Panetta Says CBDCs ‘Likely’ to Be Legal Tender: Report

ECB’s Panetta Says CBDCs ‘Likely’ to Be Legal Tender: Report
Central bank digital currencies (CBDCs) will probably become legal tender in the jurisdictions of their issuance, the European Central Bank’s (ECB) Fabio Panetta said.Panetta, a member of the ECB’s executive board, said this was “likely” at a panel in Helsinki on Tuesday, according to a Bloomberg report. However, this status “should not be taken for granted,” he added.CBDCs being legal tender would give them an edge over other payment options provided by private companies and help achieve wider use by the public.“It would be quite awkward not to have legal-tender status for an additional instrument issued by a central bank,”…