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Blockchain Will Avoid Counterfeit Digital Euros, Public Tells European Central Bank

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Published on:
April 19, 2021

In the consultation, privacy topped the list of the most important features that the central bank digital currency should have.

Blockchain Will Avoid Counterfeit Digital Euros, Public Tells European Central Bank

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A public consultation on the launch of the digital euro has concluded — and the report certainly makes for interesting reading.

 

Half of those who took part in the research said that blockchain technology would serve as a powerful solution for ensuring that the central bank digital currency isn’t counterfeited.

 

The respondents also delivered a resounding verdict on the attributes that they expect from a digital euro — with privacy topping the list of the most important features that a CBDC should have. According to the report:

“When identifying the whole possible package of most preferable options, citizens participating in the consultation consistently opt for privacy, security, usability throughout the euro area, absence of additional costs and usability offline.”

Although the European Central Bank is under no obligation to follow the wishes of those who took part in the report (weirdly, most of them appeared to be German,) it’ll certainly give the financial institution food for thought as it plans its next steps.

 

Dragging Its Feet? 

Some have reacted with exasperation at the glacial pace that the European Central Bank is exploring a CBDC — and it isn’t guaranteed that such a digital asset will launch at all. If this project is given the green light, it could take years to develop. America doesn’t seem to be moving with such urgency either, while the likes of China are light years ahead.

Author(s)

Connor Sephton

I cover the crazy world of crypto.

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