During a discussion on Bloomberg Television Wednesday with the European Central Bank (ECB) president, Christine Lagarde, it was outlined that the dynamic decision-making procedure by banks to determine the stability and intended use of the Digital Euro.
The Digital Euro has the same principles and properties of the fiat currency but a crypto to Euro ratio digital version. This system embraces crypto trading without replacing fiat entirely. Some have speculated that the future of the Digital Euro is unknown, and it could be a lengthy wait before the EU receives a Central Bank Digital Currency (CBDC), if at all.
The ECB will soon revise the 8000 reviews received during its Digital Euro consolation period. “That will be communicated to the European Parliament which is one of the key players as well as the Commission and the Council with which we operate,” The ECB President said.
The ECB’s Governing Council will decide whether to experiment with a CBDC by mid-2021 based on the results of the reviews and consultation, as well as parliamentary work.
Following an introductory period of testing, the Governing Council will decide whether to carry out the Digital Euro over a six-month or one-year period, according to the ECB President.
Lagarde had said that some financial intermediaries are slightly worried about the ECB’s decision to introduce a CBDC. She claimed that both digital assets and fait currencies can work well together especially with the new environment. As stated earlier, the ECB will release a public consultation on the possibility digital euro in October 2020.
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