Jürgen Schaaf said the test phase is still in trial for the technology and banks would experiment with digital currency to determine whether to roll out its central bank digital currency more widely.
The ECB is one of the most powerful central banks globally, setting monetary policy for the Euro area. With this latest announcement, we now have official confirmation that one of the biggest of them all is doing a lot more than just looking at them.
One of the world’s most powerful central bankers, the European Central Bank's Christine Lagarde, confirmed that she was aware of 80 central banks currently looking at digital currencies.
Among the responses, the bank said it had received a number of helpful technical contributions on how best to realize the digital euro.
ECB President Christine Lagarde set out the intricate decision making process involved for the bank in a Bloomberg interview, in which she indicated it may be 2025 before any digital currency would be ready.
In a formal opinion submitted to the European Commission on digital currency regulation, the ECB said lawmakers should delegate powers over regulating private stablecoins like Diem within the trading zone.
Fabio Panetta wants a €3,000 threshold for digital euro users to hold, beyond which they would incur a penalty, such as negative interest rates.
Christine Lagarde said the digital currency was increasingly being used by criminals worldwide to cover their tracks online, and for laundering money beneath the detection of the authorities.
In this episode of CoinGeek Pulse, we hear some encouraging news coming from the European Central Bank.
The European Central Bank is in the process of a consultation on a digital euro, with a decision on whether to move forward with the central bank digital currency set for January 2021.
The report suggests that the bank would be open to considering both centralized and decentralized models for the digital currency.