European Commission opens new consultation on digital euro
The commission will consult with industry specialists on issues concerning the digital euro including international payments, privacy and the impact on financial stability. The European Commission is calling for financial services specialists to weigh in on the potential rollout of a digital euro.In a Tuesday notice, the European Commission’s Directorate‑General for Financial Stability, Financial Services and Capital Markets Union said it would be preparing an assessment of the central bank digital currency based on the expected impact on financial service providers, retail users and....
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Privacy concerns regarding the digital euro abound as the European Central bank tests the waters for a central bank digital currency. The European Central Bank has published the results of a public consultation on a potential digital euro as the institution inches closer to deciding whether to formally study such an initiative. According to a Wednesday announcement, the ECB received more than 8,200 responses to its public digital euro consultation — a personal record for the bank regarding participation in a public consultation. Of the total responses, 47% came from Germany, with a....
Less than two weeks after the consultation process' start, the prevalent mood in the comments section appears quite negative. In less than two weeks that passed since the European Commission opened its "Digital euro for the EU" initiative up to public consultation, more than 11,000 individuals and organizations left their feedback on the website. The feedback section will be open until June 14. Besides the open-ended comments section on the website, there is a targeted consultation questionnaire that aims to collect information from the industry representatives, authorities and experts....
The ECB will decide whether to proceed with digital euro pilots by mid-2021, Lagarde said. It could be a while before European Union gets a central bank digital currency, if it gets one at all.In a Wednesday interview with Bloomberg Television, European Central Bank President Christine Lagarde laid out the complex decision-making process with which the bank will determine the future of a digital euro.The ECB will soon release its analysis of eight thousand responses received from its digital euro consultation process. “That will be communicated to the European Parliament which is one of....
A digital euro would not replace cash, but complement it, says the European Central Bank. The European Central Bank launched a public consultation on a potential digital euro on Oct. 12. Developments on the central bank digital currency front in the Eurozone have picked up pace amid the COVID-19 pandemic, and the central bank has framed its introduction to the public consultation with the claim that the issuance of a CBDC could help "cushion the impact of extreme events — such as natural disasters or pandemics — when traditional payment services may no longer function." Earlier this month,....
Is crypto already putting down CBDCs? The European Central Bank (ECB) has been researching and discussing a CBDC project called the Digital Euro for a while. They launched a public consultation to understand common needs & expectations for a Digital Euro. The feedback has been extremely negative. Unwanted This is the second consultation launched by […]