ECB analyzes the benefits of launching a cryptocurrency
Currently, the main regulator in the banking sector of the EU has no plans to launch a crypto currency itself, although it is not ruled out
The president of the European Parliament, Mario Draghi, said on Wednesday, September 12 that the European Central Bank (ECB) does not plan to launch its own cryptocurrency, although they are studying what the benefits of such an initiative would be.
The statement was made in response to the query of MEP Jonás Fernández. In this regard, Draghi said that they should still deepen the development of the technology behind cryptocurrencies to consider their use.
Fernandez stated that the ECB has not yet tested the technology to issue a digital currency and added: “With respect to the central bank that manages the individual accounts for households and companies, this would imply that it would enter into competition for retail deposits with the banking sector and would lead to potentially substantial operational costs and risks.”
The delay in the launching of an additional currency in the eurozone is based on the fact that the demand for traditional cash continues to grow.
An antecedent of the process of acceptance of cryptocurrencies is a joint report of early 2018 between the ECB and the Bank for International Settlements that highlighted the secondary effects of such an initiative without a thorough investigation.
M.Pino
Source: Cointelegraph
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