European Central Bank Publishes Risk Report on Bitcoin, Compares the Crypto t...
Earlier last week, the European Central Bank published a new report on the financial stability of the European Union. The report, titled the Financial Stability Review (FSR), detailed potential risks of Bitcoin and other crypto-related assets. In the context of the broader economy, the ECB stated that “signs of exuberance” in crypto assets were potentially […]
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The European Central Bank (ECB) has revealed that it is taking a close look at exploring the potential of blockchain technology for a multitude of services that it helps collaborate with other central banks in Europe. The European Union’s central bank has, in a report, revealed that it is looking toward new innovations such as blockchain or distributed ledger technology to help run payment and settlement systems. ECB made the revelation in a consultation report released this week, one which looks to the future of Europe’s financial market infrastructure and Eurosystem’s part in it. The....
The Federal Reserve and European Central Bank should be given a mandate to monitor threats bitcoin and digital currency systems pose to the broader financial system, a new report from a Suffolk University researcher argues. Entitled "$=€=Bitcoin?", the report speculates as to the potential dangers that the more widespread use of bitcoin as a digital money with no government backing, analyzing how circumstances arise where this threatens national and international economies. The paper follows a February 2014 statement from Federal Reserve chairwoman Janet Yellen, who said that the US....
The European Central Bank has released a new report on digital currency, describing it as "inherently unstable" but potentially transformative in the realm of payments. The ECB study builds off an earlier study published in 2012, offering both a general overview of digital currencies as well as follow-up analysis on the potential benefits and risk of using so-called virtual currency schemes (VCS). The central bank, which oversees national-level central banks in the eurozone, suggested in the report that digital currencies could impact the ECB's ability to function. However, it stopped....
President of the European Central Bank Christine Lagarde took to Twitter earlier to announce that the European Central Bank has decided to move up the investigation phase for the euro digital currency. The tweet comes in response to a tweet from the European Central Bank official Twitter handle, announcing that the institution would launch a […]
The European Central Bank (ECB) has published a report on virtual currencies that recognizes their dramatic growth in recent years and analyzes some of their dynamics and challenges. Titled "Virtual currency schemes - a further analysis," the 37-page report points out that virtual currencies have risks. However, it notes that currently, bitcoin is used for around 69,000 transactions per day worldwide, compared with a total of 274 million non-cash retail payment transactions per day for the European Union alone. The ECB's 2012 report on virtual currency examined the extent to which virtual....