ECB Exploring Benefits & Risks of Digital Euro to Provide an Alternative to Crypto: President

While the ECB wants to fully reap the gains from digital tech, Mike Novogratz of Galaxy says it will only help the adoption of BTC and other cryptos.

In her introductory remarks, during the Franco-German Parliamentary Assembly on Monday, ECB President Christine Lagarde said they are “exploring the benefits, risks and operational challenges of introducing a digital euro.”

This ensures the strength and autonomy of European payment systems as the digital euro could be complemented to cash. She said,

“It could provide an alternative to private digital currencies and ensure that sovereign money remains at the core of European payment systems.”

While Lagarde, like other regulators, wants to keep the control of money issuance with the central banks, Galaxy’s Mike Novogratz says that it doesn’t matter because just like the traditional version, the digital one would devalue as well.

“Digital Central Bank issued FX is coming. I believe it will help the adoption of BTC and other crypto’s as well. If those same CBs keep printing their FX like its toilet paper, the digital version will depreciate. BTC won’t,” Novogratz said.

Shaping Europe’s Future

According to Lagarde, digitization is one of the trends that pandemic has the potential to accelerate.

“Trends that will lead to structural changes in the global economy.”

“We need to fully reap the potential gains from digital technologies and, at the same time, make sure labour markets remain inclusive,” she said.

Lagarde talked about accelerating the progress towards the Digital Single Market through economies of scale for digital firms.

Besides the digital euro, she also touched upon transitioning to a carbon-neutral economy and the coronavirus crisis, which is of “unprecedented magnitude,” giving Europe the “opportunity” to strengthen the Union.

Lagarde said ECB expects a rebound in activity in the second half of the year and judged that the economy still needs fiscal support for the recovery to continue and strengthen further, which has been critical in alleviating the impact of the pandemic.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,274FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

DeFi Growth & Stablecoin Surge Most Bullish Crypto Development: DCG State of Crypto 2020 Survey

39% of the respondents that involve 150 portfolio companies see DeFi as the most bullish crypto development of 2020, as per the DCG Founders...

Non-Custodial Bitcoin Exchange, Hodl Hodl, Launches Lending Service Without KYC

Hodl Hodl, a non-custodial Bitcoin exchange, is launching a KYC-free lending product for its customers. The exchange claims that its lending product would be...

Total Value Locked in Harvest Finance Surpasses $1 Billion, Up 366,200% Since September

Decentralized platform Harvest Finance that provides users a way to farm assets for the highest yields now has more than a billion dollars in...

Strong Institutional Demand for Bitcoin, CME Becomes Second Largest BTC Futures Market

Bitcoin's price made a big shift this week as the bulls gained control of the market and pushed it past $13,000. A similar shift has...

PoolTogether's ‘No Loss' Gambling Platform Utilizes Chainlink’s VRF on Ethereum to Select Winners

Chainlink announces its verifiable random function on the Ethereum mainnet, bringing a host of benefits to the decentralized platform. PoolTogether, a gamified savings platform...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today