Lawmakers in the EU have raised several concerns, especially around how such a project might affect privacy and traditional banks.

During a September 4 hearing with the European Parliament’s economic committee, ECB board member Piero Cipollone said the digital euro would allow people across the EU to make electronic payments at any time, including during emergencies.

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However, some members of parliament questioned whether people’s personal information would be protected and whether individuals would start moving money out of commercial banks and into central bank-backed digital wallets.

Cipollone explained that the ECB would not have access to data about who sends or receives money using the digital euro. He also said there would be an offline version of the currency that works like cash in terms of privacy.

According to him, the goal is not to replace banknotes but to support them, especially since digital payments are becoming more common in everyday life.

Cipollone also pointed out that many of the systems Europe uses for digital payments are built by companies based outside the EU. A digital euro, he argued, would provide a backup if networks go down or cyberattacks occur.

He mentioned that the US is already exploring stablecoins backed by the dollar.

Recently, the ECB confirmed that traditional banknotes and coins will remain part of Europe’s payment system. What did Cipollone say? Read the full story.

Weiwei Ji lives in Singapore but was grouped as a Chinese creditor because of their passport.

According to a July 8 filing, Ji stated that the objection was submitted on both personal grounds and for over 300 other Chinese claimants who may be affected.

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The complaint stated that FTX is making repayments in US dollars. It also claimed that Chinese laws do not ban owning or receiving crypto. In China, digital assets are considered a form of personal property.

Ji noted that their family holds four verified accounts with claims worth over $15 million. The filing stated that they followed all the rules under the repayment plan. Ji noted that the FTX estate’s proposal would block access to funds without proper cause.

The FTX estate had filed its motion on July 2. It asked the court for permission to stop payouts to people in 49 countries where crypto laws are unclear or restrictive.

The estate warned that sending payments to these regions might result in fines, legal issues for its staff, or even criminal charges. These risks, the estate said, could come from violating local laws.

According to the filing, about 5% of the total value of approved claims comes from residents of these regions. The list includes China, Russia, Egypt, Ukraine, Afghanistan, Zimbabwe, Tunisia, and Moldova.

Meanwhile, Shaquille O’Neal agreed to a $1.8 million settlement over claims he promoted FTX to users. How will the money be used? Read the full story.