Central Bank of Ireland: The digital euro is’ when ‘not’ | The future of money

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Following the global trend, the governor says the digital currency will represent a fundamental change in the economic structure of the eurozone.

The leader of Ireland’s major monetary authority praises the possibility of a possible digital euro when buying cryptocurrencies is compared to stamp collecting.

  • Gabriel Makhlouf, Governor of the Central Bank of Ireland, said that although the eurozone has not yet decided on the provision of CBDC, its development is likely to occur.
  • “In my view, this is not a question of ‘if’ (digital currency will be given), instead of ‘how’ and ‘when’ the governor wrote. Post 29 Thursday.
  • McLaughlin said the introduction of a digital euro would represent a “fundamental change” in the economic structure of countries that use the euro as their currency.
  • The governor had no mercy on the cryptocurrencies he claimed to have “a useless and misleading description” as they were omitted from the currency definitions.
  • McLaughlin wrote that some cryptocurrencies do not have stable anchors, but “on the other hand, it is clear that some people like to collect other things, such as letter stamps. Buying things like this can be profitable but it can also be costly.
  • McLaughlin said targeting stable currencies and linked cryptocurrencies would “be as good as the administration behind Ballast’s promise”.
  • The governor, who has been in power since September 2019, is British. Previously, he was New Zealand’s National Treasury Secretary, according to his LinkedIn profile.
  • In March, the Central Bank of Ireland warned of the dangers of cryptoactivity and urged companies operating in the country to adopt anti-money laundering laws.
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Inspired by the increasing economic digitization in the global context, digital currencies issued by CBDCs and central banks have already become an option to consider the economies and triggered movements in many countries such as the United States, China and Israel. France, which has their projects in the pilot phase, and Brazil, which promoted central bank debates and lectures to discuss the launch of digital real earlier this month. This type of currency is more stable and can be easily adopted by many institutions without the need for a bank to intermediate the process.

The text was translated and republished with the permission of Coindesk

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