Digitaleuro to be more efficient as a means of payment than cryptocurrencies, ECB executives say.
The high-ranking representatives of the eurozone’s monetary authority have thrown their support behind Europe’s central bank digital currency in a piece published this week in the bank’s blog, in which they note that the “successful model for payments” that lasted many decades is now challenged.
They cannot guarantee one-to-one convertibility with central bank money. They are not an efficient means of payment, especially if their value is not backed by any asset. And, in the case of stablecoins, they are vulnerable to runs. The ECB president and board member stress that this is why the bank launched the digital euro project a year ago. Introducing a digital version of the euro would ensure that EU citizens can trust in the monetary anchor behind their digital payments. The hope is that it will also protect the autonomy of European payments and improve the efficiency of the payment system in general.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ECB’s Lagarde, Panetta See Digital Euro as More Efficient Payment Means Than Crypto – Finance Bitcoin NewsCryptocurrencies are not an efficient means of payment, top ECB officials argue in an article making the case for a digital euro.
Read more »
ECB’s Lagarde, Panetta See Digital Euro as More Efficient Payment Means Than Crypto – Finance Bitcoin NewsCryptocurrencies are not an efficient means of payment, top ECB officials argue in an article making the case for a digital euro.
Read more »
Andorra green lights Bitcoin and Blockchain with Digital Assets ActAn analysis of Andorra’s Digital Assets Act and the potential confusion surrounding Bitcoin, blockchain and crypto according to crypto business owners.
Read more »
Putin Signs Law Prohibiting Payments With Digital Assets in Russia – Regulation Bitcoin NewsPresident Vladimir Putin of Russia has signed a bill into law banning payments with digital financial assets.
Read more »
Shiba Inu, Dogecoin Holders Can Now Enjoy Luxury Yacht Services with Their CryptosShiba Inu and Dogecoin holders can now use cryptos to pay for luxury yacht services ShibArmy DogeArmy SHIB DOGE SHIBCommunity DogeFam boatlife Crypto
Read more »
Itau Unibanco Mulls Offering Crypto Services, Opens Tokenization Unit in Brazil – News Bitcoin NewsItaú Unibanco, a large holdings and financial services company in Brazil, has announced it will start offering tokenization services to its customers.
Read more »