News ECB Crypto Project Could Soon See Progress

ECB Crypto Project Could Soon See Progress


- Advertisment -

With the caveat that the project faced challenges and was for the long term, senior officials have noted that progress on the feasibility of a European Central Bank (ECB)-backed crypto could be made in the months to come. A public digital currency would provide an alternative to Facebook’s Libra as well as other private cryptocurrency endeavors, while cutting international transaction costs, Reuters reported.

French Finance Minister Bruno Le Maire said, according to the outlet, “The fact that it is for the long term does not prevent us from working and having results next year.” As it stands, EU finance ministers are set to adopt a joint statement welcoming the work of the ECB on the topic at a meeting next month.

And an ECB official told the news outlet that the central bank of the eurozone is already at work on a cryptocurrency’s technical aspects and would offer conclusions to EU governments soon. Several options are reportedly under study, with users of a new digital coin able to open bank accounts directly at the ECB with the most ambitious idea.

That version would reduce transaction costs, but it would make existing banks and well as payment services mostly redundant. Banks could be provided with tokens or electronic cash with a less radical idea, according to an official cited in the report. Work is still underway, however, and multiple legal and technical hurdles remain.

In separate news, Germany and France released a joint statement in September that called out Facebook’s proposed Libra cryptocurrency as potentially harmful to the financial sector, warning that it could block the coin’s authorization in Europe. According to past reports, the two countries are instead throwing their support behind the idea of a public crypto.

Le Maire and Germany’s Olaf Scholz have said cryptocurrencies like Libra are dangerous to consumers and could damage financial stability, as well as the “monetary sovereignty” of European nations. “France and Germany consider that the Libra project, as set out in Facebook’s blueprint, fails to convince that those risks will be properly addressed,” they said.



Please enter your comment!
Please enter your name here

Latest news

Ethereum Price Sees $500 for the First Time in Two-and-a-half Years

First launched in 2014, Ethereum or Ether is one of the oldest altcoins and probably the most...

Banking Sector is Ready for a Tech Revolution With Cryptocurrency

When our world is going through a massive change due to COVID-19blow, it is very likely that...

OpenDAO’s Bridge Opens New Possibility for Mass Adoption of DeFi

When Satoshi Nakamoto officially created Bitcoin on January 3, 2009, his vision for the digital asset was...

Crypto’s price surge was mostly due to limited information – here’s why

As the world becomes more and more digitized, the usage of one of the most popular cryptocurrencies,...
- Advertisement -

U.S. Authorities Seized Bitcoin Worth a Total of $1 billion

The cryptocurrencies were in the possession of a person who had hacked Silk road, which was detected...

Top 12 BEST Crypto Trading Bots for 2020

TL;DR: In this article, we present a list of the best Crypto Trading Bots of 2020. If...

Must read

- Advertisement -

Read Next
Recommended to you