The European Central Bank released a few report a few days ago detailing its interest in the study of implementing a digital Euro. This matter will be decided by the Eurosystem, Europe’s financial ecosystem. A possible first phase, called the investigation place will begin should they decide so.
The abovementioned report also included detailed speculations regarding how a digital Euro would affect the Eurosystem and how it could future payments security. What is more, the report acknowledges the importance and necessity of a digital Euro for the European Union’s economy and prosperity.
Last but not least, the report listed the requirements that the digital Euro has to fulfill to become integrated in the Eurosystem.
I am actually surprised it took this long to even consider it, there are countries that are well on their way to implementing it.
This was inevitable. If anything, they can now move faster by talking to some of these countries already progressing. And the crypto industry is ripe with expertise in the area. The future won’t wait for them!
I would think the Fed and EU could talk, but apparently Americans are again a CBDC.
Granted it was only 400 participants, and the survey was performed by Genesis Mining. So I’m sure the participants are nowhere near interested in the crypto markets, and definitely don’t see a CBDC putting pressure on crypto speculation!
What? It’s not new.
A few months ago SocGen a french bank built a successful prototype and ran a few tests.
They issued a $100M bond on the ETH platform. Oh wow it was already 1 year ago.
The ECB has been talking about it and world bankers especially the BIS are pushing every country to move towards this.
Here is an article from 2016 from the ECB praising distributed ledger tech Edit: Ah sorry new users cannot post link but it’s not hard to find
Anything that can help them have more control, fight crime, freeze funds of political opposition, print what they want, track the population purchases and interests, etc, is something they are very interested in.
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I don’t think 400 people are a good sample size for a population that size.
That said, I wonder how many people in the EU are actually pro-digital Euro.
How things have changed after only two years! Europe is one step closer to the integration of an official central bank digital currency (CBDC). Currently, the Bank of France (BoF), the Bank for International Settlements (BIS), and the Swiss National Bank (SNB) have concluded a very crucial set of studies and tests on the wholesale usage of a CBDC- a series of international settlements were conducted between financial institutions.
CBDCs will be a reality in Europe sooner rather than later.