Digital Euro Not Anytime Soon

[Nicklaus97 29]

Gregory Klumov, who is the founder and CEO of Stasis - which issues the euro-backed stablecoin EURS, does not believe that European Central Bank has any plans of launching the digital euro anytime soon. According to Klumov, launching digital versions of fiat currencies is not what central banks do. The European Central Bank's mandate is to maintain the price stability of the euro and issuing a digital currency would be too risky, Klumov argued.

 

Edited December 15, 2019 by Nicklaus97

[nicolas1234789 2566]

I agree with him, release crypto will break currency value because people will switch their asset into crypto that still have no law and protection system from government. Most country and people prefer and understand euro but not with crypto, so need more time and system to built crypto as asset.

[Nicklaus97 29]

4 minutes ago, Maksuda4406 said:

I have no idea about this.but i think soon european central bank will apcet all crypto coin.i'm always see dream with crypto coin.

Yes, ECB releasing a digital EURO would be instrumental in driving crypto currency adoption. Getting support from large financial institutions is the dream of all crypto fanatics, but perhaps the state for such a major move is yet to be set

5 minutes ago, nicolas1234789 said:

I agree with him, release crypto will break currency value because people will switch their asset into crypto that still have no law and protection system from government. Most country and people prefer and understand euro but not with crypto, so need more time and system to built crypto as asset.

True but let us not forget what drove the inspiration for the digital EURO in the first place... China is developing it's very own digital Renminbi in an effort to gain global financial dominance. Europe started seeing the need to keep up. So if China keeps pushing on this front, there will be strong possibility that the EUB will expidite the process of entering the cryptosphere and establish a presence

[Benjamin 84]

2 minutes ago, Nicklaus97 said:

Yes, ECB releasing a digital EURO would be instrumental in driving crypto currency adoption. Getting support from large financial institutions is the dream of all crypto fanatics, but perhaps the state for such a major move is yet to be set

Thanks for sharing some information to us, im the one who not know this kind of idea and i just reading some informations with you guys, hopefully this kind of people will be continued to sharing some information to us.

[Migo 7946]

I don't think The fiat currencies will turned to digital currencies now or in anytime before, euro and usd are good like what they are now, it will not be a successful project anyway 

[sdsonjoy50 886]

The European Central Bank's order is to maintain the euro's price stability and to issue digital currencies will be very risky.  I think the banks of Europe are trying to bring cryptocurrency inside a rule, but in the meantime, the risk is high, but in many European countries, cryptocurrency banks continue to be bankrupt.

[Crypto123 0]

Certainly this is known and understood because the central bank and the cryptocurrencies are two old enemies that cannot meet and each seeks to eliminate the other, central and decentralized. This is the primary conflict between them, but I think that I will win the cryptocurrency in the end.

[bentayebsalah 2280]

I think it is a good idea to make an encrypted euro currency because it will help a lot in the growth of banks and also the development of the euro currency in general

[BTC Future 3946]

14 hours ago, Asif ariyan said:

Crypto is a digital currency and no one can control it...    

I think the Euro remains the FIAT currency, because if you use a digital currency it will be unstable and not good for the development of the European economy. It's too risky if the Euro adopts digital currencies.

Most governments are thinking of creating their own versions of cryptocurrencies. They've already named them "Central Bank Digital Currencies" (CBDC's) and a major advocate of these is Nouriel Roubini, the same person that suddenly started bashing Bitcoin and crypto on a constant basis. The reason behind his actions is to diminish the competition and create the ground for the creation of CBDC's. 

CBDC's are just a digitized version of the government printed fiat currencies. They will probably have cryptographic algorithms for the protection of transactions but they will be centralized, under the authority of central banks. Having a blockchain or not does not matter as the main feature of the blockchain is decentralization, which with banks involved it is impossible to be achieved. 

What they hope for is to be able to replace cash with a system that will be totally under their control. These governments will claim that it is all done to reduce corruption. It will turn to more corruption though as the whole system will be run by just a few people.

[Jonayeed1207 11]

In my opinion the European Central bank (ECB) is not ready to embrace cryptocurrencies. ECB will not roll out its own digital currency due to the volatile nature and the launching the digital euro anytime soon. According to Klumov, launching digital versions of fiat currencies is not what central banks

[rekter 8129]

Well it would be expensive project to run and private blockchains are pretty pointless when you are in the control of the printing money anyway. If i was a bank i would stick in current visa transactions and fiat money. And decentralized blockchains like bitcoin are pretty much threat to them.

 

Until there comes a blockchain that suits their needs, they will stick to what they know.

[Brand1 1336]

I think they are right because it is very ill to make a famous and popular paper currency like the euro a digital currency because this would be very bad during the outbreak of wars

[Opinder 1310]

On 12/15/2019 at 11:16 AM, Nicklaus97 said:

Gregory Klumov, who is the founder and CEO of Stasis - which issues the euro-backed stablecoin EURS, does not believe that European Central Bank has any plans of launching the digital euro anytime soon. According to Klumov, launching digital versions of fiat currencies is not what central banks do. The European Central Bank's mandate is to maintain the price stability of the euro and issuing a digital currency would be too risky, Klumov argued.

 

I think The European Central Bank would launch euro backed coin in near future because public is shifting to crypto quickly. Also after this economic crisis public would trust crypto. So ECB would introduce its own coin to maintain economy.

[Captain Karim 0]

Yes, I agree with him, it may be risky to issue a digital currency linked to a stable real currency because this digital currency must be backed by real value and this enters the regulatory committee with legal problems.

[magd 5231]

It is certain that the launch of the digital euro will lead to huge losses because it is not good to re-link the central market with digital currencies. In addition, this option belongs to all European Union countries and therefore there must be consensus

[pablomarwan 3082]

Yes, of course, there will be some risks around this currency, but it is not great for the dollar as a digital currency, as it is still occupied. And I think they will release it at the end of this month to start a new year full of surprises again.

Thank you for this information

[Gudameku 26]

now you need to invest your time and money into crypto currency as soon different people will obtain millions of mony as the market provide a chance to every one who have invested wise and obtain huge return so its your time and money that will make you rich

[bliznec 22268]

There is a risk, and which one, I do not quite understand. If you make the euro in digital format, it will be a wonderful move. It’s good that work is underway to make the euro digitally. 

[bitcoin-shark 1928]

I do not believe that we will see the birth of the digital euro anytime soon, it will still take some time, perhaps the digital dollar that is closer to realization will see the light first...

[CryptoMaxim 3829]

On 07.03.2020 at 03:11, sone4ka said:

Now there is a digital dollar and some more digital currencies from ordinary money. I see no reason now to create many different digital currencies, which now have them completely enough.

Indeed, USDT has a wide application and its stability is time-tested. Probably the digital Euro will come out if there is a big need for it.

[tienda 8776]

I m not sure that will arrive to the day where we see a such fiat money currency will convert to the digital currency, maybe is possible will see a such crypctocurrency will convert to the fiat money currency.

[Thekingcallme 1975]

I think the task of the digital euro industry is not an easy thing and it takes a lot of time and in-depth study in order to avoid all the problems and obstacles that it may face.

[Shaza Ahmad 1682]

If they were going to issue a euro digital currency, this currency must be backed by a real euro in the banks so that there would be no problems, we all remember the legal problems that Tether had occurred and so far not finished.

[Rezort 846]

He is absolutely right because if the bank launches its own digital currency, just imagine how difficult it would be for them to maintain fiat currencies and crypto ones.

[Whited35 15285]

On 4/13/2020 at 3:17 PM, bliznec said:

There is a risk, and which one, I do not quite understand. If you make the euro in digital format, it will be a wonderful move. It’s good that work is underway to make the euro digitally. 

Well, brother. Digital Euro will be backed by fiat Euro(In my understanding) and target price will always equivalent to Euro currency in the market. In the crypto world, like as USDT, it may help us to cut the losses while performing cryptocurrency tradings.