Les monnaies numériques de banques centrales, « seule solution » pour préserver le système monétaire, selon la BCE

Les monnaies numériques de banques centrales, « seule solution » pour préserver le système monétaire, selon la BCE

The European Central Bank (ECB) has published a new research report on central bank digital currencies (CNBC). He opposes them to stable currencies and judges that the institutions are the only ones capable of preserving monetary stability.

https://cryptoast.fr/numerical-monets-banque-centrales-seule-solution-bce/

The ECB studies the digital currencies of central banks

“Wasteful”, not stable enough, expensive… The European Central Bank (ECB) he has never hidden his great distrust of crypto assets. And that, even if it relied on the blockchain to test its future digital euro.

In fact, the institution is doing a balancing act: it is partnering with a Tezos (XTZ) to see if the blockchain can be of use to it… While screaming out loud when it comes to euro stablecoins. Thus, he recently wanted to have a veto right over the latter.

A new ECB research report confirms this position regarding MNBC. This is based on 150 academic papers and objective especially privacy issues. As for consumer expectations, the report points to an apparent inconsistency that extends beyond the restricted circle of cryptocurrencies:

Although consumers tend to rate privacy highly in their survey responses, however, they tend to distribute their data for free.or in exchange for very small rewards.»

The report cites several reasons for this, mainly lack of information and knowledgeyes Hence a concern: will market forces be able to protect the privacy of users, if they themselves can no longer do so?

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MNBC, the only “real” alternative to cash?

The ECB report also points the finger the obsolete aspect of the speciesconsidered dated:

Since cash is only available in physical form, they […] are not “appropriate” for the digital age. Regulations that aim to maintain their widespread use are likely to incur large economic costs without clear benefits.»

This is a point that most of the crypto community agrees on. But the ECB, however, considers that the digital currencies of the central bank are the only “viable” alternatives to cash. The reason ? Cryptocurrencies are still considered too unstable and could throw the eurozone out of balance, according to the report:

The introduction of digital cash in the form of MNBC seems to be the only solution to guarantee a harmonious continuation of the current monetary system.»

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The ECB fears for the “monetary sovereignty” of the euro, in particular the mixture -which it describes as explosive- BigTech and cryptocurrencies, especially stablecoins. She cites the Terra case as a concrete example of the related risks.

For an institution whose goal is to preserve the euro, this positioning is not really a surprise. However, one wonders if the ECB is aware of the speed at which payment ecosystems are evolving. His digital euro project will not see the light of day before at least 2025. This is particularly late, when other regions of the world already have MNBC in operation.

👉 On the same topic – A digital euro bill should be introduced in the European Parliament by 2023

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Source: European Central Bank

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