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A member of the European Central Bank board, Fabio Panetta, stated an urgent requirement for regulations in the crypto sector. This comes after the collapse of FTX and rising volatility for crypto.

Fabio Panetta, an ECB board member, has said that work on the digital euro could tentatively start by the end of 2023. It could then be available to the public after about three years of work.

A European Central Bank board member has said that the organisation doesn't yet see a business case for developing a digital currency. He said, however, this doesn't stop the ECB looking into it.

Facebook's Libra plans have again come under fire, this time by the ECB's Yves Mersch, who said that the eurozone should not be wooed by the "treacherous promises of Facebook's siren call."