Bank AI

Read

<div class="cryptonews">
 <p class="is-style-lead">The development of a central bank digital currency (CBDC) by the European Central Bank (ECB) <a rel="noopener noreferrer nofollow" title="faces" href="https://thebittimes.com/tag/faces.html">faces</a> pushback from European <a rel="noopener noreferrer nofollow" title="lawmakers" href="https://thebittimes.com/tag/lawmakers.html">lawmakers</a>.</p>
 <p>According to an Oct. 5 report by DL News, member of European Parliament Stefan Berger confirmed there will be no imminent decision by the ECB on implementing a digital euro. Berger stated that numerous open questions must be clarified before the ECB can ultimately decide whether to move forward with a CBDC.</p>
 <p>A group of EU parliamentarians recently wrote a letter urging the ECB to delay its decision on launching a digital euro. The <a rel="noopener noreferrer nofollow" title="lawmakers" href="https://thebittimes.com/tag/lawmakers.html">lawmakers</a> expressed concerns about potential costs for commercial banks and uncertainty around the value a CBDC would provide to ordinary users.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> ECB executive Fabio Panetta aims for digital euro expansion
 </div>
 <p>ECB President Christine Lagarde has tried to assure <a rel="noopener noreferrer nofollow" title="lawmakers" href="https://thebittimes.com/tag/lawmakers.html">lawmakers</a> that a digital euro won’t be released yet. However, some members of the European Parliament remain wary about potential privacy and mass surveillance risks posed by a central bank digital currency.</p>
 <p>Even if the ECB wants to move to the next phase of the digital euro project soon, <a rel="noopener noreferrer nofollow" title="opposition" href="https://thebittimes.com/tag/opposition.html">opposition</a> within the EU parliament could delay further technical development and prototype testing. Lawmakers like Markus Ferber believe the political process should conclude before diving into details of the next phase.</p>
 <p>The challenges reflect a tension between innovation desires at the ECB and hesitation among policymakers about implications of a digital currency controlled by the central bank. For now, progress towards an EU CBDC faces roadblocks from local lawmakers with unresolved concerns.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> IBM proposes ideas for digital euro implementation
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/eu-s-cbdc-faces-opposition-by-local-lawmakers-tbt65287.html">https://thebittimes.com/eu-s-cbdc-faces-opposition-by-local-lawmakers-tbt65287.html</a></p>

EU’s CBDC faces opposition by local lawmakers

TheBitTimes

Other articles published on Oct 5, 2023

Bitcoin miners Marathon, Riot, CleanSpark increase BTC output in September

Crypto Tycoon SBF in the Dock: Jury Selection Extended; Hearing Reveals Financial Carnage

Close Associates of Sam Bankman-Fried to Take Stand Today in Ongoing Trial

Interim House Speaker Patrick McHenry is sympathetic with cryptocurrencies.

Best Crypto to Buy Now October 5 – Aave, Trust Wallet, Mina Protocol

XRP Breaking Above $0.55 Could Propel It to $1, Predicts Analyst

Join our free newsletter for daily crypto updates!