The European Central Bank (ECB) is contemplating the potential for issuing its personal cryptocurrency – “digital euro”. ECB President Christine Lagarde mentioned on Friday, October 2, with a view to guarantee residents’ confidence within the euro as a foreign money, the European Central Bank must be able to work within the digital age.
From the report of the ECB specialists offered on October 2 on the potential for introducing a digital model of the only European foreign money into circulation, it follows that it would assist higher meet the demand for digital technique of fee and would compete with personal cryptocurrencies such as bitcoin. At the identical time, the digital euro would develop into solely an addition to conventional money, however not a substitute for it, consultants emphasize.
At the identical time, the digital euro would permit residents to retailer their financial savings straight with the ECB. At the second, solely credit score establishments such as banks, governments and other central banks have this alternative. This is what causes fears amongst some consultants: after all, within the occasion of another disaster, the inhabitants will be capable of take all the accrued funds from industrial banks, switch them to the ECB and thereby worsen the state of affairs.
It is anticipated that within the coming weeks the ECB will start inner testing of the digital foreign money, and will additionally conduct surveys of EU residents and consultants from the sphere of science and finance for their approval of the concept of introducing a single European digital foreign money. The determination to problem a digital euro or abandon this mission will be made in mid-2021.
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