European Central Bank announces exploration of digital euro

European Central Bank announces exploration of digital euro cryptocurrency

‘’The Governing Council of the European Central Bank (ECB) has decided to launch the research phase of a project exploring the digital euro. It is expected to take 24 months’’.

The next stage in a long journey

There has already been speculation for many months about the possibility of a digital euro. Potential research, exploratory and implementation work is expected to take up to the next 4 years. Meanwhile, the European Central Bank has announced that it is entering the research phase in close cooperation with the European Parliament and the European Commission. This is to include identifying and solving design and distribution issues. The ECB announced that it will focus on making the digital euro result as functional and user-driven as possible. This phase is expected to include various forms of research, which will include focus groups, prototyping, and conceptualization. In a statement issued by the ECB, we can read that the digital euro is intended to respond to the needs of Europeans and at the same time prevent any kind of illegal activity. It is important to note, however, that although this is an exploratory phase, the outcome of this research will not be decisive in determining whether or not the digital euro will be put into circulation. Nevertheless, the concept seems promising, as ECB President Christine Lagarde emphasizes in a statement that reads:

“Nine months have passed since the publication of our report on the digital euro. During this time, we have conducted further analysis, asked citizens and professionals, and conducted several experiments with encouraging results. All this prompted us to decide to kick into high gear and start work on the digital euro project.”

Believing the above information, we can assume that even though the ECB is keeping a cool head about the launch of its digital currency, its presence in the wallets of Europeans is only a matter of time.

Can the digital euro compete with Bitcoin?

There have been increasing discussions in the blockchain community recently about the potential competition that CBDCs could pose to Bitcoin. They are intensifying in connection with events in China, where the process of introducing the digital yuan coincides with the push of Bitcoin outside the country. For now, however, the European Union is not standing up to cryptocurrencies. There are, however, proposals for new regulations that worry the public gathered around the crypto world. While CBDCs have, until recently, generated positive excitement and increased confidence in central banks, that sentiment is sagging amid fears of excessive scrutiny. Developers of central bank digital currencies deny that CBDCs are in competition with BTC. Bitcoin supporters, however, are increasingly voicing their concerns about the future.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

Share this post

Share on facebook
Share on google
Share on twitter
Share on linkedin
Share on pinterest
Share on print
Share on email
Edward Snowden calls CBDCs perversion of cryptocurrencies

Edward Snowden calls CBDCs perversion of cryptocurrencies

CBDC represents a very special segment of blockchain technology. At its inception, it attracted positive sentiment. However, this has changed significantly over time, to the point where central bank digital currencies have been called cryptocurrencies by Edward Snowden. An unforgiving opinion Edward Snowden

Read More »

How many people in the world own cryptocurrencies?

You’ve probably noticed that the adoption of cryptocurrencies is growing rapidly. But have you ever wondered how many people actually own this type of asset? In this article, we’ll take a look at the numbers. Cryptocurrencies globally Thanks to the data provided by

Read More »
How big is the NFT space

How big is the NFT space?

Non Fungible Tokens is one of the crypto spaces that has been gaining the most popularity recently. There is a lot of talk about it, however, a handful of facts are useful. So let’s present NFT in numbers. NFT invasion Let’s start with

Read More »

Top Stories