The European Central bank is to conduct a public consultation on the possible creation of a digital euro, after a high-level taskforce sketched out possible scenarios that would require central banks to mint their own cryptocurrency.
Issues that might provoke the issuance of a digital euro include a significant decline in the use of cash as a means of payment and the launch of a global private currency, such as facebook's Libra, that might raise regulatory concerns and pose risks for financial stability.
“The euro belongs to Europeans and our mission is to be its guardian,” says Christine Lagarde, ECB president. “Europeans are increasingly turning to digital in the ways they spend, save and invest. Our role is to secure trust in money. This means making sure the euro is fit for the digital age. We should be prepared to issue a digital euro, should the need arise.”
The public consultation will be launched on 12 October, but experimentation on the foundations for a euro-wide digital currency will start in earnest, without prejudicing the final outcome of the talks.
Bloomberg yesterday confirmed that ECB lawyers at the German firm Bock Legal applied for the European Union Intellectual Property Office's "digital euro" trademark on September 22.
“Technology and innovation are changing the way we consume, work and relate to each other,” says Fabio Panetta, member of the ECB’s executive board and chair of the task force. “A digital euro would support Europe’s drive towards continued innovation. It would also contribute to its financial sovereignty and strengthen the international role of the euro.”
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October 02, 2020 at 03:37PM
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ECB moves a step closer to the creation of a digital euro - Finextra
"creation" - Google News
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