Consideration phase for digital euro to go well into 2021, says ECB exec
The decision on how to launch a digital euro could still be a long time coming. Financial authorities in Europe could form an investigation plan for a digital euro as early as next year, according to an executive at the European Central Bank.Holger Neuhaus, head of market innovation and integration division at the ECB, joined the Singapore FinTech Festival 2020 on Dec. 7 to discuss the global development of central bank digital currencies, or CBDCs.During the online discussion, Neuhaus claimed that the ECB expects European financial authorities to assess whether to launch a digital euro....
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The ECB’s two-year investigative phase is halfway completed, with key use and policy issues clarified; more stakeholder engagement is planned before the decision is made to proceed. The European Central Bank (ECB) Eurosystem digital euro project’s two-year investigative phase has reached its halfway point. The ECB published a progress report Sept. 29 that looked at design and policy issues that are under consideration or have been decided.The report said commerce in physical stores and online is the biggest use case for a euro central bank digital currency (CBDC). Currently, most digital....
An executive member at the European Central Bank says a digital euro could protect the Eurozone's monetary sovereignty from outside influence.
The European Central Bank should rely on public-private cooperation for issuing a digital euro, an exec at BBVA’s digital regulation team said. An executive at major Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) has raised concerns about the digital euro and questioned what customer demand it would meet.Pablo Urbiola of BBVA’s digital regulation team has called on European financial authorities to carefully explore the possible issuance of a central bank digital currency (CBDC).Urbiola said Friday at a European Banking Federation seminar that, despite the increasing need for a....
The report is only the start of the discussion and raises more questions before officially studying the digital euro. The European Central Bank (ECB) could begin seriously considering and studying the digital euro by mid-2021, the bank said in a report released Oct. 2. The report examined how a digital euro may impact retail payments and how it can protect payments in the future. It also looks at how virtual currencies could fit within the landscape of the entire Eurosystem. However, it does not specify what model the ECB should take when and if it designs its digital currency. Based on....
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....