European Central Bank to consider central bank digital currencies

Thursday 9 January 2020 10:40 CET | News

The European Central Bank has expressed its eagerness to expand its role in developing central bank digital currencies (CBDCs).

However, that doesn't mean private enterprises can’t join the party, said President Christine Lagarde, according to CoinDesk. The ECB wants to play an active role in cryptocurrencies. As businesses and individuals make more cross-border payments round the clock, Lagarde said the bank would continue looking into ‘the feasibility and merits of a CBDC’.

Furthermore, the ECB does not want to stand in the way of cryptocurrencies created outside its sphere, as CBDCs may have significant implications for the bloc's financial sector and changes in monetary policy going forward.

The ECB formed a cryptocurrency task force in December 2019 that would work closely with eurozone central banks to understand the benefits and costs of a possible eurozone CBDC.
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Keywords: European Central Bank, central bank digital currencies, CBDC, cryptocurrency, Europe
Categories: DeFi & Crypto & Web3
Countries: Europe
This article is part of category

DeFi & Crypto & Web3