cryptoknowmics.com
|
|
The European Central Bank or ECB is facing challenges on many fronts due to which it is now analyzing the digitalization of its currency, the Digital Euro. It is a decision on whether it would choose to issue a digital euro or not, which has the capability of becoming a major Central Bank Digital Currency and is expected to come around mid-2021.
ECB Deepens Digital Euro Analysis, to Take a Decision Within Months
The ECB is currently occupied with a lot of work to do, as it is currently occupied with planning a careful exit from the economic, social, and health emergency that is forced upon the European Union by the coronavirus pandemic.
In addition to this, the European Central Bank is also forced to think about a digital vision of the Euro, which is the fiat currency of the monetary union of Europe.
Moreover, the United States Federal Reserve is preparing to present prototypes of a digital dollar backed by Facebook in the month of July, Diem, backed by the dollar is all set to launch this year.
As a matter of fact, the ECB is now effectively increasing the efforts to thoroughly examine the option to issue its own digital asset.
Luis De Guindos Reveals the Governing Council’s Intentions
Luis De Guindos, the Vice President of ECB has recently revealed to the press that the Governing Council of the bank will be deciding on whether to initiate a project for the launch of a digital Euro around mid-2021.
Guindos released a statement to the Italian daily La Repubblica, that read:
“Our current focus is to deepen the analysis of how a digital euro should work and what it should look like to benefit European citizens and our economy.”
He added:
“We must make sure we are also well equipped to deal with any future challenge, on all fronts.”