European Central Bank President Mario Draghi said that his Institute plans to issue digital currency.
Draghi noted that the issue of the Central Bank’s cryptocurrency “no particular need” because in the EU widely used cash. In addition, the underlying digital currency technology, the banker said not enough Mature and in need of careful study.
“The ECB and the Eurosystem are currently no plans to issue digital currency the Central Bank”, — said Draghi.
With the development of blockchain technology in a society increasingly raising questions about the advisability of the issuance by Central banks of the so-called national cryptocurrency (CBDC). The supporters of the latter argue that such innovation funds can increase the effectiveness of monetary policy, drastically changing its tools, and to increase the level of cashless payments and to reduce many costs. Moreover, it may be radically changed the entire landscape of the banking system, as the holders of national cryptocurrencies could interact directly with the Issuer.
For example, at least since 2016 the opportunity to issue a national digital currency e-krona sees the Bank of Sweden (Riksbank). The issue of expediency of a monetary unit, the Central Bank argues the growing volume of cashless payments and the need to develop the financial services of the new generation.
According to the ECB, in 2016, the level of use of cash was 76%. At the same time in 2017 7.9% increase in the volume of cashless payments using Bank cards.
Earlier, the representative of the Swiss Central Bank Andrea Mehler criticized the concept of CBDC. According to her, these funds are devoid of tangible benefits, and the issue at this stage is fraught with significant risks.
Also recall that in March the Bank of international settlements submitted a report which stated that the digital currency Central banks can affect the stability of the global financial system.
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