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Alternative Market Briefing

European Central Bank: "No plans to issue crypto currency" (for now)

Monday, September 17, 2018

Laxman Pai, Opalesque Asia:

The European Central Bank (ECB) has "no plans" to issue its own digital currency, President Mario Draghi wrote in a letter addressed to member of European Parliament.

"The ECB and the Eurosystem currently have no plans to issue a central bank digital currency (CBDC)," he said in the letter.

With a healthy economy and a lack of major international disputes, the central bank of the Eurozone sees no need to go crypto.

"Nonetheless, we are carefully analysing the potential consequences of issuing such a currency as a complement to cash," Draghi added.

The ECB is closely following activities by other central banks and working together with the central bank community in the context of standard-setting bodies such as the Committee on Payments and Market Infrastructures (CPMI).

"Our analyses consider the implications for the transmission of monetary policy, payment systems, financial stability and the economy more broadly," Draghi said.

He said that there are several reasons why they do not consider issuing a CBDC to be a concrete option for the near future. The underlying technology is still fragile and the use of physical cash still high in the euro zone, he pointed out.

He further explained saying that the technologies which could potentially be used to issue a central bank digital currency, such as distributed ledgers, have not yet been thoroughly tested and require substantial further development before they could be us......................

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