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Digital Currency – A Better Substitute to Cash says ECB Official

Digital Currency - A Better Substitute to Cash says ECB Official

  • An outgoing executive board member gave a remarkable statement at a joint sitting held by the European Central Bank and the National Bank of Belgium.
  • The main aim of the newly established institution, effective from 1Jan 2020.
  • European Central Banks has already given innumerable statements about embracing the digital currencies in their overall system.

Benoit Coeure, an outgoing executive board member gave a remarkable statement at a joint sitting held by the European Central Bank and the National Bank of Belgium arguing the superiority of the digital currency with respect to cash.

He said that the bank is already on the quest to reveal all the concealed factors which makes the digital currency a great potential asset in the current financial system.

Benoit said,

“A computerized cash of this sort could take an assortment of structures, the advantages, and expenses of which the ECB and other central banks are at present examining, being aware of their more extensive outcomes on money-related intermediation”

He brings into notice the tremulous potential which a digital asset can yield to the central banks but at the same time, he also spoke about not disturbing the private sector and their overall flow.

” But the potential central bank initiatives should not discourage or crowd out private market-led solutions for fast and efficient retail payments in the euro”

The speech was after Coeure was appointed as the leading person in the latest innovation hub at the Bank for International Settlements. The main aim of the newly established institution, effective from 1Jan 2020, will be to assist all the central banks to come across all the financial advancements which of course includes the benefits of cryptocurrency.

European Central Banks has already given innumerable statements about embracing the digital currencies in their overall system.

Denis Beau, French central bank first deputy governor has recently said that eurozone is already discussing a settlement system based on blockchain technology for the euro. This is also to address all the issues related to the payments and transactions between institutions in that arena.

September 2017 had marked the time when ECB had stopped a cryptocurrency proposed by Estonia and made euro the only money acceptable in the entire European continent. However, time seems to change now as the banks, well aware of the innumerable crypto advantages have slowly turned to favor the crypto world.

Many senior officials had refused to accept bitcoins and other cryptocurrencies arguing the risk factors that they invite but now the time seems to change in the European region and the steps are being taken to accept the cryptosystem formally into their financial procedures.

About Steve Anderrson

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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

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