The European Central Bank (ECB) reported that it plans to invite the population to participate in the redesign of the euro banknotes in a process that is projected to culminate in 2024 with the acceptance of a final proposal.

In the words of Christine Lagarde, President of the ECB, “after 20 years, it is time to update the appearance of our banknotes so that Europeans of all ages and backgrounds can identify with them.”

She also expressed that the euro banknotes will remain on the market for a long time.” She stressed that the banknotes “are here to stay” considering it a tangible symbol and that it represents the union in Europe, especially in times of crisis.

European Central Bank appoints advisory group

European citizens will participate in the redesign process of the new banknotes, which is why the European Central Bank appointed an advisory group made up of a specialist from each country in the area, who will be responsible for consulting people on possible issues for the bills.

Citizens will express their opinion through the discussion groups that will be created as one of the first steps in the redesign process. The group will address the different proposals or topics for future bills.

Then, the advisory group will present the list to the Governing Council of the ECB, which once the topics have been selected will call a design competition for the new banknotes and the public will be summoned again. The Governing Council will be the one to adopt the final decision and issue the order to produce and print the euro banknotes and to establish the date of their issue.

M. Rodríguez

Source: eleconomista.es

La entrada European Central Bank to redesign euro banknotes apareció primero en Bitfinance.

The Bank of Jamaica, BOJ, through its CBDC division officially announced the demonstration of the minting process of the digital currency, within the framework of a financial ceremony, where the Minister of Finance of Jamaica, Nigel Clarke, the governor of the BOJ, Richard Byles, and a group of top BOJ executives, as well as a management team from Irish technology firm eCurrency Mint.

Jamaica is making strong progress with a digital version of the Jamaican dollar, minting the nation’s first batch of CBDCs. According to the announcement: the Bank plans to issue a total of 230 million JMD, equivalent to 1.47 million dollars, in the form of CBDC for those institutions that accept deposits and authorized payment service providers as part of a digital currency pilot program ending in December.

Finance Minister Nigel Clarke noted that the country’s legislative representatives are “working on a legislative amendment to provide a legal basis for Jamaica’s CBDC by the end of 2021“, further acknowledging the speed with which the project has been developed. of digital currency in the country.

For his part, Richard Byles, BOJ governor, explained that CBDC’s next step will be to “guarantee widespread access and acceptance by bringing CBDC to users“, for which they plan to apply strategies that allow it to obtain different benefits between which highlight easier access means for efficient and secure payments.

All this process of digitizing the currency in the country will allow the BOJ and the other institutions responsible for accepting deposits an opportunity “to improve the processes and costs of cash management.”

The development schedule of the project on the creation and implementation of digital currency in the country is progressing adequately. The CBDC has the responsibility to “complete the Jamaican banknotes, which allows financial institutions to issue the currency to individual and commercial account holders with each digital token linked to the JMD in a 1: 1 ratio.”

M. Rodríguez

Source: es.cointelegraph.com

La entrada Bank of Jamaica issues its first digital currencies apareció primero en Bitfinance.