The EU Central Bank has no plans to release a “digital Euro”
European officials might be willing to accept the cryptocurrency of the new reality, but I think that this field at least requires further consideration.
No halftones or “we think”: the ECB is not currently planning to release CBDC, said in response to the Chairman of the European Central Bank, Mario Draghi at the request of the Deputy of the European Parliament.
However, despite the absence of such plans, of the European bankers continue to analyze the possible consequences of the introduction of the digital version of Euro in addition to traditional money.
The ECB recognizes that the start-up of CBDC can bring certain benefits from the economic point of view, including increasing transaction speed and reducing some costs. In addition, as an instrument of national digital currency would correspond to the request to increase transaction security and the transition to digital tools.
However, such a move has some minuses, which are still outweigh the pros. First, the ECB indicates that existing technology is still quite raw, and at least require serious study and refinement.
In addition, the release CBDC available to companies and individuals, would mean that the Bank competes with commercial banks, which in turn would mean additional risks and costs.
In addition, the here and the now urgent necessity of CBDC no. Cash remains a popular means of payment in the Euro area, moreover, the demand on the cache grows. And existing tools for the implementation of non-cash payments completely satisfy the user requests, said Draghi.
Clarification of the ECB as a whole is quite consistent with the previous course of the European regulator and are a development of his policy: he does not prohibit the cryptocurrency, but he tends to stay away from them and other tips.