Joachim Nagel, representing Bundesbank, stressed that a digital euro is essential for preserving Europe’s financial independence and protecting against outside influences in global finance.

During his address, Nagel highlighted the necessity of safeguarding user privacy in digital euro transactions, ensuring personal data is not exploited for commercial gain without explicit consent.

Nagel remained critical of Bitcoin, considering it unreliable as a reserve asset, contrasting with other European leaders who see potential in integrating digital currencies into national reserves.