fbpx
  • About us
  • Advertise
  • Contact
  • Nominate
  • Client’s Voice
  • Login
  • Register
📖 Magazine
The Global Economics
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
The Global Economics
No Result
View All Result
Home Banking Central
Trending in Europe 🇪🇺

European Central Bank forays into virtual currency with the digital euro

In addition to the cryptocurrency market scale of USD 1.6 billion, the emerging Central Bank Digital Currencies (CBDCs) will disrupt the financial system

The Global Economics by The Global Economics
July 15, 2021
in Central, Crypto & Fintech, Currencies, Digital, Top Stories
Reading Time: 2 mins read
0
European Central Bank forays into virtual currency with the digital euro

European Central Bank forays into virtual currency with the digital euro

1.6k
SHARES
8.6k
VIEWS
FacebookTwitterRedditWhatsAppLinkedInShare Link

The world is rapidly adopting digitization; leading by example is the European Central Bank’s initiative to redo the currency by creating digital euro. The experimental time for the move could be nearly two years. The step will ensure the citizens hold digital central-bank currencies in a short span.

According to President Christine Lagarde, people are eager to protect their privacy, but the bank ensures no adverse consequences, such as money laundering. The bank seems to have a reliable infrastructure that is cost-efficient and reduces energy consumption. “Our work aims to ensure that in the digital age citizens, and firms continue to have access to the safest form of money, central bank money,” ECB President Christine Lagarde said.

The digital currencies pose threats to commercial banks as they find the scenario risky. Since the customers look for safety and convenience, these virtual currencies might take over the banking system, the banks fret. Cryptocurrencies will likely continue to gain popularity in the future, as they have recently emerged strongly. Consequently, Executive Board member Fabio Panetta urged to limit the digital euro holdings of the customers to 3,000 euros to avoid negative interest rates.

As per a report, the estimated global crypto ownership accounts for an average of 3.9%, with more than 300 million crypto users worldwide. Additionally, more than 18000 businesses have adapted to digital currencies.

Within the first few months of this year, Bitcoin has made an incredible journey. With interest rates rising and Tesla’s $1.5 billion investment into the Bitcoin market, the virtual currency has gained credence.

There has been exceptional support offered to Bitcoin by Institutional investors and investment banks, as Tesla, Square, and JPMorgan have committed to adding the commodity and its associated companies in their portfolios.

The cryptocurrency market scale will likely expand from USD 1.6 billion in 2021 to USD 2.2 billion by 2026, at a CAGR of 7.1%.

As crypto trading is decentralized, it helps build cross-border free trades building resilient economies in places where there is currency instability. Millions of consumers benefit from its high-speed, low-cost domestic and international payment services. The breakthrough achievements of cryptocurrencies reshape the finance industry with remarkable trends like Defi, stablecoins, emerging Central Bank Digital Currencies (CBDCs), Non-fungible Tokens, and crypto tax help the investors make the right decisions. Bankers on Wall Street believe digital currencies issued by central banks will disrupt the financial market.

Tags: bitcoincryptocurrencydigitalcurrencieseuroEuropean Central Bankresilienteconomythewallstreetjournal
The Global Economics

The Global Economics

The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

Related Posts

Europ Assistance’s new acquisition includes Gulf Assist from MAPFRE Asistencia in 2022
Mergers & Acquisitions

Europ Assistance’s new acquisition includes Gulf Assist from MAPFRE Asistencia in 2022

by Ritu M R
July 1, 2022
Illinois to witness tax relief measures from July 1st, 2022
Taxation

Illinois to witness tax relief measures from July 1st, 2022

by Sakshi K S
July 1, 2022
Oman: Jumeirah Group to open its first luxury resort in 2022
Hospitality

Oman: Jumeirah Group to open its first luxury resort in 2022

by Ritu M R
June 30, 2022
Coinbase to expand its footprint into the European Union in 2022
Crypto & Fintech

Coinbase to expand its footprint into the European Union in 2022

by Sakshi K S
June 30, 2022
Central Bank of Europe ready to ‘stamp out’ surging inflation in 2022
Central

Central Bank of Europe ready to ‘stamp out’ surging inflation in 2022

by Ritu M R
June 30, 2022
Previous
Next
Previous
Next
Previous
Next
Previous
Next
Previous
Next
Previous
Next
Previous
Next
Previous
Next
Facebook Twitter Instagram Youtube LinkedIn Soundcloud
The Global Economics

The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

DMCA.com Protection Status

  • Privacy
  • Legal
  • Terms of Use
  • Client’s Voice
  • Server Status

norton verified - the global economics

Latest Posts

Europ Assistance’s new acquisition includes Gulf Assist from MAPFRE Asistencia in 2022

Europ Assistance’s new acquisition includes Gulf Assist from MAPFRE Asistencia in 2022

July 1, 2022
Illinois to witness tax relief measures from July 1st, 2022

Illinois to witness tax relief measures from July 1st, 2022

July 1, 2022
Oman: Jumeirah Group to open its first luxury resort in 2022

Oman: Jumeirah Group to open its first luxury resort in 2022

June 30, 2022
Download The Global Economics PWA to your mobile or Desktop
PWA App Download
Download The Global Economics Android App to your mobile or Desktop
Android App
Download The Global Economics IOS App to your mobile or Desktop
IOS App

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

No Result
View All Result
  • About us
  • Awards
  • Magazine
  • Client’s Voice
  • Exclusive Coverage
  • Nominate
  • Login
  • Sign Up

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

Welcome Back!

Sign In with Facebook
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Linked In
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Receive the latest news

Subscribe To Our Weekly Newsletter

Get notified about new articles, delivered right into your email inbox.

-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version