European Central Bank announces it’s seriously exploring a digital Euro

WHY THIS MATTERS IN BRIEF

Cash, sooner or later, will die, and several countries are trialling its replacements.

 

Love the Exponential Future? Join our XPotential Community, enjoy exclusive content, future proof yourself with XPotential Universityconnect, watch a keynote, or browse my blog.

As the use of cash around the world continues to shrink, as people embrace contactless and digital payments, as states across the US increasingly allow people to pay taxes in Bitcoin, and more, governments around the world are increasingly considering creating digital versions of their sovereign currencies.

 

See also
The FDA just approved it's first trackable smart pill, more to follow

 

In China’s and Sweden’s case they’ve now moved beyond the thinking stage and have started testing their digital currencies in large scale real world trials – albeit that in China’s case they accelerated their trials after the sudden emergence of Facebook’s own digital currency the Libra whose introduction would have been so profound many governments around the world feared it could one day usurp the US dollar as the world’s defacto currency.

Now, some years after China and Sweden began their journeys the European Central Bank has announced they’ve moved a step closer to exploring the creation of a virtual currency, after president Christine Lagarde said on Monday it was “very seriously considering” a digital euro.

 

See also
5G networks let construction workers in Germany clear building sites in South Korea

 

At a virtual meeting hosted by the International Monetary Fund, Lagarde said: “The ECB is very seriously looking at a digital Europe.”

She also said the COVID-19 pandemic has led to many structural changes including the way “we work, we trade, and we pay.”

Digital payments have increased significantly as a result, particularly in countries such as Germany and Italy where “cash was king,” Lagarde said. “People [used to] walk around with banknotes in [Germany and Italy], and now they don’t.”

 

See also
Beyond 5G, China eyes dominance in 6G networks by 2030

 

Lagarde said the pandemic caused e-commerce to rise by almost one fifth in terms of volumes and sales between February, when the outbreak first hit Europe, and June this year, when many of the toughest lockdown restrictions eased.

“There is much more confidence in digital payments and significant change is [now] underway,” she added.

In a study published earlier this month the ECB said a digital euro would “help provide citizens with even quicker access to money than they have today in a fast changing digital world.”

Source: ECB

Related Posts

Leave a comment

Get the latest futuristic news delivered directly to your inbox!

Awesome! You're now subscribed.

Pin It on Pinterest

Share This