European Central Bank: ‘No Plans’ for Digital Currency, Cash Demand Growing

The European Central Bank (ECB) has no plans to question under discussion its own by numbers, electronic money used in a country, President Mario draghi told the European Parliament wednesday, September 12.

talking about a question by MEP Jonas fernandez draghi said with substance development was still needed in the close relation technology behind cryptocurrencies before the Central Bank would take into account using them. The ECB and the eurosystem currently have no plans to question under discussion an in the middle of Bank 1 by numbers, electronic money used in a country, he made a short account of:

"all the same, we are carefully observing the possible unused quality effects of giving out such a money used in a country as a full number needed to money."

Explaining why no plans were afoot at the ECB, Draghi drew attention to those same factors.
The technologies which could potentially be used to issue a central bank digital currency [...] have not yet been thoroughly tested and require substantial further development before they could be used in a central bank context,” he told Fernández, adding:

“With regard to the central bank administering individual accounts for households and companies, this would imply that the central bank would enter into competition for retail deposits with the banking sector and lead to potentially substantial operational costs and risks.”
He integrated there was at present “no concrete need” to issue an adscititious currency within the eurozone, verbally expressing demand for cash banknotes “continues to grow” in the EU28.
Draghi perpetuates the wary stance the 28-member bloc has traditionally held on bank-issued cryptocurrency, in contrast to moves by countries such as Russia and China.
Earlier this year, a joint report from the ECB and Bank for International Settlements (BIS) highlighted “side effects” of a potential launch of such a currency, additionally considering the desideratum for more research beforehand.