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In addition to proposing strict spending limits for users that want to avoid data collection, Panetta also suggested restrictive savings limits that would limit users’ total digital euro holdings to a maximum of just €3,000.

“What we are discussing is the possibility of introducing limits for individual users,” Panetta said. “For example, we have been discussing…many numbers…€3,000.”

Panetta claimed that these savings limits were necessary for financial stability and to prevent users from moving their money out of banks and other financial intermediaries.

In other words, the ECB wants to convert your money into, essentially, scrip.