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ECB doesn’t plan to issue its own cryptocurrency


The European Central Bank (ECB) does not plan to issue its own cryptocurrency. This was reported by the head of the ECB M. Draghi, explaining that in order for the central bank of Europe to consider this option, the technology underlying the digital currencies, “a substantial study” is needed.
“The ECB and the Eurosystem do not currently plan to issue a cryptocurrency,” M. Draghi emphasized that the conversation is about the present tense. “At the same time, we carefully analyze the consequences of issuing such a currency in addition to cash.”

In addition, he noted that at the moment there is no real need for an additional currency in the euro area because the demand for cash in the European Union continues to increase.

Recall, in May this year, the ECB warned all EU banking institutions about the possibility of working with crypto assets, only with the guarantee of separation of this type of activity from other investment and trading operations. The main argument for such a decision was the high market volatility of this kind of financials.

Then another ECB representative, I. Mersch, said that the central bank, while not intending to introduce its own cryptocurrency, is already experimenting with blockchain technology and plans to actively implement this technology in the future.

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