Mr. Drakos, Vice Rector of the Athens University of Economics and Business, in his speech referred to stablecoins and Central Bank Digital Currencies (CBDCs). First of all, he stressed the need to use the term “crypto assets”, instead of “cryptocurrencies”, as these assets do not perform the basic functions of money and are not legal tenders. He also underlined that cryptocurrencies are characterized by high volatility, which prevents the development of a transaction framework based on them. In addition, Mr. Drakos focused on stablecoins, which were created to cure the problem of the volatility of crypto assets. In more detail, he analysed the forms of stablecoins, the technologies on which their design is based, the positive aspects, and the risks created by their use. Finally, Mr. Drakos analyzed the topic of Central Bank Digital Currencies and in particular the prospect of creating a Digital Euro, examining its possible forms, its advantages over traditional banknotes, as well as reflections on the negative effects of its issuance.
Mr. Hadjiemmanuil, Professor at the University of Piraeus, Visiting Professor at the London School of Economics, Lawyer, and Member of the Monetary Policy Council at the Bank of Greece, in his presentation referred to the prospect of creating a digital euro, which will significantly reduce the cost of cross-border and direct payments. More specifically, Mr. Hadjiemmanuil analyzed the characteristics that the digital euro should have and particularly emphasized the importance of security and privacy policies for users and the need to create criteria for its use with an emphasis on the fact that it should not be used as an investment instrument. Finally, he raised the issue of restricting the use of banknotes with the appearance of the digital euro, but also of establishing the appropriate legal framework for its issuance and use.