According to the February 20 announcement, the European Central Bank (ECB) is expanding the development of a wholesale central bank digital currency (CBDC) payment system to solve transactions between institutions.
The new system settings occur in two stages. First, the CBDC payment platform will be developed, and the second stage includes in -depth integration of existing ECB systems such as the foreign currency exchange market.
Piero Cipollone Member, a central bank official who supervises CBDC Initiative, a central bank official, said this program will help to achieve the “harmonious and integrated European financial ecosystem”.
Since 2020, the ECB has explored various capacity CBDCs since 2020, including rape between retail digital euros and central banks for consumers.
CBDC is often criticized because there is no fundamental change of personal information protection, potential threats to individual autonomy of centralized national institutions, and inflation mechanisms of digitized currency currencies.
A picture shows the relationship between anonymous value and the number of financial services providers. source: European Central Bank
relevant: The EU requires a permanent CBDC -Deutsche börse CEO.
The ECB doubles the CBDC due to the prohibition of the United States.
US President Donald Trump signed an administrative order on January 23 to prohibit US CBDC development and to commission a working group on digital assets to study digital assets.
YiFan HE, the founder of the blockchain company Red Date Technology, told Cointelewraph that Trump’s command interfered with all CBDC projects around the world and created a challenge for these initiatives.
Trump’s ban on CBDC, Cipollone doubled his investigation.
Trump has signed an administrative order to ban CBDC and establish a working group for digital assets. source: White House
CIPOLLOLOLOLOLONE added that as the growth of personalized cryptocurrencies and stablecoins, it will interpret commercial banking institutions and central banks as it is increasingly converted into digital alternatives.
In a press conference on January 30, Christine Lagarde, chairman of the ECB chairman, said that the central bank of the Eurozone system would not adopt Bitcoin (BTC) as a preliminary asset.
Lagarde was too volatile, non -oil and safe, and was not safe to use as a reserve for European banking agencies.
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