European Central Bank board member: technology and stablecoins can affect European financial institutions

According to AMBCrypto, on November 28, Fabio Panetta, chairman of the board of the European Central Bank (ECB), told a conference "The future of European payments" that large-scale technology and gains stability could affect the European economy. While it can provide simple and cost-effective solutions, it also puts you at risk from competition, privacy, financial security, and even financial management. He also said fintech companies are trying to change the standards of the payments system and pose a "threat" to the average consumer.