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.
Yves Mersch says the European Central Bank has set up a task force to research and develop a central bank digital currency for retail use.
Luxembourg lawyer and ECB executive board member Yves Mersch called Facebook out on its crypto whose central governance will be its greatest impediment.
The European Central Bank isn’t too confident about the ability of stablecoins to function in a financial world because of the lack of international regulations is going to cause issues.