Digital Euro as a Legal Tender in The EU Area Is a Likely Outcome, Says Top ECB Official

Fabio Panetta – Member of the Executive Board of the European Central Bank – revealed that the digital version of the euro might become a legal tender inside the European zone.

Digital Euro ‘Should Not Be Taken for Granted’

As Bloomberg reported, the Italian economist and member at the ECB – Fabio Panetta – hinted about the initiative during a panel discussion in Helsinki, Finland. He asserted that if the European Central Bank proceeds with its efforts of launching a digital currency, the new form of money will have all chances to become legal tender inside the borders of the EU.

Panetta added that the authorities will thoroughly examine the endeavor in the next two years. Nonetheless, the Italian opined that achieving such a move “should not be taken for granted,” and the financial institution must be extra cautious.

Last week, he opposed the argument that the digital euro will be “redundant” amid other alternative currencies as the ECB will aim to make its CBDC cost-effective and guarantee its usability. The latter is vital as it could provide for more widespread adoption among the general population. The Italian economist added that the central bank digital currency will be “attractive enough” to capture society’s attention.

Fabio Panetta
Fabio Panetta, Source: Reuters

During the event, Elvira Nabiullina – the head of the Bank of Russia – agreed with Panetta about how a central bank digital currency should look like.


A few months ago, she opined that CBDCs, working under government control, will represent the future of the financial network. On the other hand, she is a fierce critic of private digital assets, which in her opinion, are highly volatile, and investors could lose “colossal sums” if they deal with them.

Digital Euro Could Be Greener Than Bitcoin

Earlier this year, the European Central Bank highlighted its plans to launch an investigation phase of a digital euro project that will go on for 24 months. Within the testing period, the ECB’s research department will “aim to address key issues regarding design and distribution” as the digital version of the euro “must be able to meet the needs of Europeans.”

In addition, the CBDC should “prevent illicit activities and avoid any undesirable impact on financial stability and monetary policy.” Christine Lagarde – President of the European Central Bank – said the financial product should be “the safest form of money.”

Last but not least, the ECB promised that the digital euro’s energy consumption would be “negligible” compared to bitcoin’s. It is worth mentioning, though, that central bank digital currencies and the primary cryptocurrency are significantly different assets.

A CBDC is a digital version of a nation’s fiat currency where the Central Bank is still in complete control. It lacks any sort of decentralization as there is a single authority that’s shaping the monetary policy and regulation.

Bitcoin, on the other hand, is the complete opposite, which is why many believe that the emergence of a CBDC could push people towards BTC even more.


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Trader Who Called Latest Bitcoin Correction Says XRP Is One Resistance Away From Rallying to New All-Time High

A popular crypto strategist and trader is highlighting a crucial resistance area for XRP that it must take out to clear the way for a new all-time high.

Pseudonymous crypto analyst Credible tells his 263,300 followers that XRP is currently taking it one level at a time and should see clear skies to new all-time highs (ATH) once it breaches a high timeframe (HTF) resistance.

“Once we manage to clear $1.70 on HTF, we are going to absolutely take off targeting new ATH… You can see here why this region, in general, is so significant.”

Source: Credible/Twitter

According the Credible’s chart, the area between $1.50 – $1.70 was the point of breakdown in May, which ignited a multi-month bear trend for the seventh-largest crypto asset until it bottomed out in July.

Looking at Bitcoin, Credible says that BTC is primed for a short-term bounce after retesting support around $62,000.

“[BTC] decided to take the lows first. Let’s run it back to $66,000 = now. Note that while BTC made a local lower low here, most alts did NOT. This is a good sign.”

Source: Credible/Twitter

On November 8th, when Bitcoin rallied above $67,000, Credible predicted the rally would fall short and BTC would go through a short-term pullback.

The crypto strategist is also looking at Hedera Hashgraph (HBAR), which is a public network for peer-to-peer payments. According to Credible, HBAR looks bullish after climbing above a critical level.

“Ladies, gents, and HBAR-barians, we just got our first confirmed daily close above the supply zone that I was referring to below ($0.42). Buckle up. Your patience is about to be handsomely rewarded.”

Source: Credible/Twitter

Credible also says most altcoins look bullish despite the recent across-the-board correction.

“Downside limited from current levels. Most alts took big hits but ultimately were retesting key breakout levels and have maintained their bullish structure, leaving long [liquidation] wicks in their wake. This was just a shakeout and most of the damage is done in my opinion.”

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Chiliz (CHZ) gains 170% after launching live in-game NFTs for fan token holders

This year has seen a number of high profile partnerships formed between the cryptocurrency sector and major sports leagues, teams and individual players. Nowadays players engage with their fans by issuing limited edition NFTs and other perks that are associated with crypto and blockchain technology.

Crypto companies are also making their presence known stitching their names on jerseys, buying stadium naming rights and paying for cleverly placed primetime commercials between game breaks.

One project that has seen a recent surge in interest thanks to its focus in the world of sports and helping fans interact with their favorite teams and players is Chiliz (CHZ), the blockchain network behind the fan engagement platform.

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.243 on Sept. 29 the price of CHZ spiked 171% to a daily high at $0.657 on Oct. 31 and recent developments are now pushing the price back towards the swing high.

CHZ/USDT 4-hour chart. Source: TradingView

Three reasons for the growing strength of CHZ include the launch of live in-game NFTs, recent exchange listings for CHZ as well as its newly released fan tokens and the protocol’s rapidly expanding ecosystem of partners.

Live in-game NFT drops

The development that kicked off the current rally was the rollout of the platform’s first live, in-game NFT drop which took place a match between A.C. Milan and A.S. Roma.

With this design, new NFTs are minted as they happen based on key moments in live matches and then they are dropped to the wallet of fan token holders who correctly predict the outcome of the game.

The announcement that this new method of distributing NFTs was followed by a spike in demand for the token which has continued to build in the following weeks.

CHZ and fan token support

Another reason for the building momentum of CHZ has been the addition of new exchange listings, as well as its newly released fan tokens for clubs like São Paulo FC, AC Milan and Manchester City.

In addition to the listings, Binance is also allowing fans to earn tokens from their favorite teams by staking Binance Coin (BNB), Binance USD (BUSD) and CH.

OKEx also announced that it will support tokens from the Chiliz ecosystem and CHZ appears to have benefited from a new listing eToro’s crypto exchange on Nov. 9.

Expanding ecosystem backs the current rally

Ecosystem expansion could be another recent development that is strengthening CHZ’s fundamentals. 

Recently, the platform unveiled a partnership with Kraft Sports and Entertainment which will see the National Football League’s (NFL) New England Patriots and Major League Soccer’s (MLS) New England Revolution join the Chiliz and Socios ecosystem.

This partnership marks the first foray for Chiliz into the NFL and MLS and indicates that the protocol has its sights set on expanding to cover all major sports leagues where there is a demand from fans for more engagement.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CHZ on Oct. 28, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. CHZ price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for CHZ began to pick up on Oct. 27 and reached a high of 70 on Oct. 28, just as its price began to increase 125% over the next two weeks.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.