Digital Euro Will ‘Protect’ Eurozone from Foreign Issuers, Says ECB Exec

Digital Euro Will ‘Protect’ Eurozone from Foreign Issuers, Says ECB Exec

An executive member at the European Central Bank says a digital euro could protect the Eurozone's monetary sovereignty from outside influence.


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European Central Bank seeks public input on digital euro

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,....

Digital euro could drain 8% of bank deposits, Morgan Stanley says

Banks in smaller countries like Latvia, Estonia and Greece could be more seriously impacted by the digital euro, analysts said. Analysts at thAmerican multinational investment bank Morgan Stanley have estimated the likely changes in eurozone banks’ deposits should a digital euro be widely adopted.According to the analysts, a European Union central bank digital currency (CBDC) could suck up 8% of customer deposits from eurozone banks, Reuters reported Wednesday. This share may be far higher in smaller countries like Latvia, Lithuania, Estonia, Slovakia, Slovenia and Greece, they said.The....

ECB: Digital Euro to Boost Global Appeal of European Money, Fight ‘Artificial...

The digitization of traditional currencies like the euro has the potential to increase their international appeal, the European Central Bank says in a new report. A failure to offer a digital currency would endanger financial stability, ECB warns. The regulator is concerned about the prospect of tech giants dominating payments through their “artificial currencies.” Eurozone’s Central Bank Reviews Role of Euro in Light of CBDC Project The global appeal of fiat currencies depends on economic fundamentals, but some characteristics of digital money could promote their....

Blockchain firm Monerium thinks Europe 'already has' a digital euro

The ECB should grant e-money issuers access to central bank reserves, says Monerium. Consensys-backed e-money issuer Monerium thinks the route to a digital euro is simpler than the European Central Bank suggests.The fintech, which focuses on bridging fiat money with blockchains by issuing programmable digital cash, published a response to the ECB’s recent public consultation on the digital euro on Oct. 13.In summer 2019, Monerium had become the first company worldwide to receive a license from Icelandic regulators as part of a new European regulatory framework for e-money services across....

ECB Deepens Analysis of Digital Euro, Decision Expected by Mid-Year, VP Confirms

Faced with challenges on many fronts, the European Central Bank is now deepening the analysis of how to digitalize its currency. A decision on whether to issue a digital euro, which has the potential to become a major CBDC, is expected around mid-2021, a high-ranking official of the central bank has confirmed. Eurozone’s Central Bank to Decide on the Digital Euro Project Within Months Occupied with planning a “cautious exit” from the social, economic and health emergency forced upon the European Union by the Covid-19 crisis, the ECB is also compelled to think about a....