European Central Bank: Bitcoin a Risky Alternative to Euro
European Central Bank (ECB) executive board member Yves Mersch said during a speech on 19th May that as a payment system and a store of value, the euro is superior to digital alternatives like bitcoin. Mersch was speaking at Cash Symposium 2014, a day-long event held in Frankfurt on 19th May by the Bundesbank, Germany's central bank. His talk focused on euro banknotes and their performance, and their characteristics as a system of payment. Touching upon digital currencies as an emerging payment method, Mersch remarked that a lack of significant transaction fees makes them attractive to....
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Speaking at the 2014 Bargelsymposium (cash conference) in an address to the Deutsche Bundesbank, European Central Bank executive board member by the name of Yves Mersch stated that the Euro would remain a strong and globally-accepted method of payment. This comes as bitcoin continues to gain attention, with more and more businesses turing to it as a solution to avoid exorbitant fees from card processors, among other things. Euro banknotes and coins are a method of payment of stable value, acceptance of which is compulsory, and thus they are superior to alternative methods of payment. Now,....
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,....
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....
"A digital euro could be a complement to, not a substitute for, cash," Lagarde said. Any digital currency released in the European Union may not fully replace fiat, said the President of the European Central Bank, Christine Lagarde.Speaking at an online meeting of the Franco-German Parliamentary Assembly on Sept. 21, Lagarde stated that the bank was exploring “the benefits, risks and operational challenges” of a European central bank digital currency (CBDC), but fiat currency would likely still play a role in this digital future. “A digital euro could be a complement to, not a substitute....