EU Central Bank to Launch Their Own Digital Currency

European Central Bank has pitched the idea of issuing public digital currency in response to Facebook’s Libra cryptocurrency.  EU central bank fears that Facebook’s digital currency might disturb the state control over the fiat money. It was revealed in an EU text Reuter’s draft.

Facebook announced in June that the launch of Libra cryptocurrency is planned next year. This announcement had a hostile response from countries like Germany and France who were of the view that it will risk the financial sector and therefore an idea for public alternative has to be incorporated.

The Reuter draft also unveiled that communities should unite to come up with a practical approach to cryptocurrencies which can also ban the projects risking the economy of the country. This suggestion was to be adopted by other EU states since the campaigning against the cryptocurrencies has only been regulated few estates. More so, the EU finance minister is also likely to adopt this regulation next month and is going to discuss the policy on Friday.

The draft quoted the Finnish EU presidency  which said, ” The ECB and other EU central banks could usefully explore the opportunities as well as challenges of issuing central bank digital currencies including by considering concrete steps to this effect.”

It has been predicted by the ECB board members that it will be the start of a new public digital currency era. Officials are also of the view that this plan can help in reducing many official formalities which can save time.

The regulatory pressure has already resulted in the loss of quarter of its authentic members.

Tags: Digital Currency, Facebook Currency, EU Central Bank Digital Currency

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