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ECB: Private Sector Can Help with ‘Intensifying’ Digital Euro Project

by CBDC Insider
December 15, 2020
in Business, Europe
Reading Time: 1min read
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ECB: Private Sector Can Help with ‘Intensifying’ Digital Euro Project
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The European Central Bank (ECB) has once again opened the door to some form of private-sector collaboration as it “intensifies” its work on the digital euro – a central bank digital currency (CBDC) for Eurozone nations.

Per an official release, the ECB, the bank’s Governing Council has declared that it and fellow Eurosystem (central bank of euro-adopted nations) members have been “intensifying its work on the potential issuance of a digital euro.”

And the ECB added,

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“This does not, however, imply any intention to crowd out the private sector’s role in providing payment services. Moreover, supervised private intermediaries would be best placed to provide front-end solutions and ancillary services and to build new business models based on a digital euro, should such a construct be introduced.”

The move comes just weeks after ECB president Christine Lagarde declared that a “properly designed digital euro would create synergies with the payments industry,” adding that to do so would “enable the private sector to build new businesses based on digital euro-related services.”

Read more: https://cryptonews.com/news/ecb-private-sector-can-help-with-intensifying-digital-euro-p-8610.htm

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