The ECB says Europe should prepare well and it should be ready to launch the digital euro to compliment cash so let’s see more in the crypto news today.
The European Central Banks ECB says that Europe should be ready for a digital euro according to the latest reports which form the basis of the public consultation starting on October 12. A digital euro will not replace cash but will only compliment it. The bank president Christina Lagarde said:
“The euro belongs to Europeans and we are its guardian. We should be prepared to issue a digital euro, should the need arise.”
Fabio Panetta, a member of the Executive Board of the ECB continued in a blog post:
“The way we pay is no exception. Our practices are changing – in some countries rapidly so.”
He added that as the guardians and the issuers of currencies, the central banks are facing a lot of issues with digital currencies. In face of this question, the ECB and the national central banks of the Euro published a new report which offers an assessment of the economic, technological, strategic, and social choices that factor in these issues. The report will form the basis of the public consultation launching on October 12 this year.
The report concluded that the digital euro will be standing prepared and when the developments will make the issuance necessary. In other words, the preparations for the digital euro have been underway for quite some time. Panetta also said that the digital euro will complement cash and will not replace it.
As recently reported in the cryptocurrency news sites, In a recent ECB Report, we can read that the European Central Bank questioned the accuracy of the name of the stablecoins saying that it is misleading to users. the paper also outlined that stablecoins could have a very important role in the digital economy if adequately regulated. Whether stablecoins are backed by a fiat currency such as the US dollar or commodities such as gold, they are created to provide a stable alternative to the highly volatile cryptocurrency market. Their role in the crypto space has been expanding dramatically over the past few years as well. Further in the paper, we can see that the ECB noted that the name should be substituted when establishing a clear regulatory principle on their usage.