E-euro is an arrow that hits many targets

“We should be ready to issue an e-euro when the situation becomes urgent,” said Fabio Panetta, board member of the European Central Bank (ECB).

Euro symbol in Frankfurt, Germany. Photo: AFP / VNA

Europe must be prepared to issue an e-euro to help its people access and use money quickly in the context of a rapid digital transformation. Explaining this argument, the European Central Bank thinks that the e-euro can solve many problems at the same time.

Not only is it an alternative payment method for small purchases and purchases, the e-euro is useful in the context of limited cash use. Issuing cryptocurrencies is also an effective alternative when other forms of electronic payment are not available. In addition, this is also a coping solution when foreign cryptocurrencies become overwhelming.

However, issuing an e-euro still comes with “traditional” concerns such as cybersecurity, privacy risks and whether the European Central Bank collects sensitive user information.

Recent research results of the European Central Bank show that the e-euro will help people access money more quickly in the constantly changing digital world.

Faced with major concerns about cryptocurrency issuance, the European Central Bank said the Eurosystem, the Eurozone’s currency regulator, will decide the issues related to the proposed issuance of electricity. death in mid-2021.

At the end of September, President of the European Central Bank Christine Lagarde affirmed that the e-euro could be an alternative to the current “individual electronic coins”, and it is also an additional method for Payment in cash.

Eurosystem will assess current key concerns related to cybersecurity, privacy and even the European Central Bank’s ability to collect sensitive information from users when issuing cryptocurrencies.

The Eurozone’s monetary authority will also consider the legal conditions of applying different design features of cryptocurrencies as well as the underlying platform for issuing cryptocurrencies.

In Asia, under the influence of the Covid-19 epidemic, China quickly conducted a cryptocurrency experiment in four major cities earlier this year. This move makes China a pioneer in the development of a central Bank-operated cryptocurrency.

In Sweden, for the past few months the Central Bank of the country has also been testing an electronic version of the krona.

Meanwhile, the US Federal Reserve, the Central Bank of the United Kingdom, and the Bank of Japan are all showing caution in issuing cryptocurrencies.

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