RATE Group | No, the EU is Not Issuing a State-Backed Cryptocurrency
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No, the EU is Not Issuing a State-Backed Cryptocurrency

16 Sep No, the EU is Not Issuing a State-Backed Cryptocurrency

Posted at 02:04h in Cryptocurrency News by

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No, the EU is Not Issuing a State-Backed Cryptocurrency

Mario Draghi, President of the European Central Bank (ECB), said that the authority does not see a “concrete need” for a digital token alternative to the euro, according to Reuters.

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Highlighting the stability of fiat money and the infamous volatility of cryptocurrencies, Draghi told parliament members that a lack of robustness in blockchain technology, as well as the absence of sustainable infrastructure to facilitate a crypto economy, meant digital tokens were not a priority for the bank.

He also expressed that paper currency is widely used across the EU, which mitigates the necessity of instilling a novel monetary system for the general populace. With this, Draghi stated both ECB and the broader Eurozone “have no plans” to issue the so-called “Central Bank Digital Currency.”

Drawing attention to distributed ledger technology, the…

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