Home 2022 Crypto: The European Commission will Introduce a Digital EUR Bill in 2023 

Crypto: The European Commission will Introduce a Digital EUR Bill in 2023 

by Paul Ebeling

#EU #ECB #EC #EUR #digital #currency #CBCD

“The EC announced Wednesday that it plans to propose a bill for a digital euro early next yr” — Paul Ebeling

This bill will serve as the legal foundation for the European Central Bank’s ongoing technical work on the virtual version of a euro banknote or coin.

Central banks across the world are developing virtual money to ensure they are not undermined by the growing popularity of cryptocurrencies, which has inspired Big Tech to eye ways to enter the payments market.

“We must push forward with full speed. No one will wait for us,” German Chancellor Olaf Scholz told reporters last yr when he was finance minister. “I am convinced that eurozone countries need to take part more actively in the process and play a stronger role.”

The Commission’s plans to move forward with a bill is the most definitive sign so far that a digital euro could become a reality in the coming yrs. Since last year, the ECB has been giving mixed signals about the future of a digital euro. In September, just before the ECB’s 2-yr investigation into a digital euro kicked off, an ECB official said the project would not guarantee the launch of a digital currency.

With the rising popularity of private cryptocurrencies like bitcoin and stablecoins, which are pegged to the value of assets like the USD research into central bank digital currencies (CBDCs) has picked up around the world. A number of countries, including Canada and China, are running pilot programs, and Nigeria launched a CBDC in October.

The US leads, but Europe is moving at a slow pace. In September 2020, ECB chief Christine Lagarde said that the EU has fallen behind in the digital payments race and that a digital euro could give it an edge.

Despite the urgency Ms. Lagarde expressed at that time, things are still moving at a slow pace.

“The digital euro discussion is a very, very slow discussion because it’s corporate, and the central bank plays a role. This makes it very complicated,” said a German economist and head of the Frankfurt School Blockchain Center.

The Commission first published a report on a digital euro in October 2020, which was open to public comment until January 2021. A 2nd public consultation is set to kick off next month.

Have a happy, prosperous weekend, Keep the Faith!

You may also like


Your Trusted Source for Capital Markets & Related News

© 2023 LiveTradingNews.com – For The Traders, By The Traders – All Right Reserved.

The information contained on this website shall not be construed as (i) an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities or services, (ii) investment, legal, business or tax advice or an offer to provide such advice, or (iii) a basis for making any investment decision. An offering may only be made upon a qualified investor’s receipt not via this website of formal materials from the Knightsbridge an offering memorandum and subscription documentation (“offering materials”). In the case of any inconsistency between the information on this website and any such offering materials, the offering materials shall control. Securities shall not be offered or sold in any jurisdiction in which such offer or sale would be unlawful unless the requirements of the applicable laws of such jurisdiction have been satisfied. Any decision to invest in securities must be based solely upon the information set forth in the applicable offering materials, which should be read carefully by qualified investors prior to investing. An investment with Knightsbridge is not suitable or desirable for all investors; investors may lose all or a portion of the capital invested. Investors may be required to bear the financial risks of an investment for an indefinite period of time. Qualified investors are urged to consult with their own legal, financial and tax advisors before making any investment. Knightsbridge is a private investment firm that offers investment services to Qualified Investors, Members and Institutions ONLY. Qualified Investors are defined as individuals who have met those Qualifications in the relevant jurisdictions. Members are defined as individuals who have been accepted into the Knightsbridge membership program. Institutions are defined as entities such as banks, pension funds, and hedge funds. If you are not a Qualified Investor, Member or Institution, you are not eligible to invest with Knightsbridge. All investments involve risk, and there is no guarantee of profit. You may lose some or all of your investment. Past performance is not indicative of future results. Knightsbridge is not a registered investment advisor, and this disclaimer should not be construed as investment advice. Please consult with a qualified financial advisor before making any investment decisions. By accessing this website, you agree to the terms of this disclaimer. Thank you for your interest in Knightsbridge.