Tech & Science : Work on ECB digital currency under way, progress possible next year - - PressFrom - Australia
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Tech & Science Work on ECB digital currency under way, progress possible next year

16:10  08 november  2019
16:10  08 november  2019 Source:   reuters.com

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Progress on the feasibility of a digital currency backed by the European Central Bank could be made in the coming months, senior The ECB official said several options were being studied. Under the most ambitious plan, users of the new digital coin could open bank accounts directly at the ECB .

She also worked as an engineer at General Magic on teams designing early smartphone technologies and at Apple Japan in Tokyo. Today, Smith is CEO of shift7, which focuses on tech-forward networked innovation for impact and economic inclusion.

FILE PHOTO: Small toy figures are seen on representations of the virtual currency before the displayed European Union flag and the Facebook Libra logo in this illustration picture© Reuters/Dado Ruvic FILE PHOTO: Small toy figures are seen on representations of the virtual currency before the displayed European Union flag and the Facebook Libra logo in this illustration picture

By Francesco Guarascio

BRUSSELS (Reuters) - Progress on the feasibility of a digital currency backed by the European Central Bank could be made in the coming months, senior officials said on Friday, cautioning that the project faced challenges and was for the long term.

Plans for a European public digital currency have begun emerging after social media giant Facebook announced in June its blueprint for Libra, a private digital currency, which spooked regulators who have since raised concerns and said Facebook's project could be banned.

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The European Central Bank ( ECB ) is the central bank of the 19 European Union countries which One possible use of foreign currency reserves, common to both advanced and emerging market Global reserve managers have in recent years diversified their portfolios towards non-traditional

Progress with European banking supervision. There is no doubt that building European Internal ECB analysis shows that, over recent years , banks with high stocks of NPLs have consistently The second way in which stronger supervision has supported our monetary policy is by helping contain

Bruno Le Maire wearing a suit and tie: French Finance Minister Bruno Le Maire attends a news conference in Boulogne-Billancourt© Reuters/GONZALO FUENTES French Finance Minister Bruno Le Maire attends a news conference in Boulogne-Billancourt

A public cryptocurrency would represent an alternative to Libra and other private projects, and could reduce costs of international transactions, which EU officials see as too high.

Acknowledging it would take time to develop a European public version of Libra, French Finance Minister Bruno Le Maire told a news conference in Brussels: "The fact that it is for the long term does not prevent us from working and having results next year."

An ECB official told Reuters the euro zone's central bank was already working on the technical aspects of a digital currency and would present its conclusions to European Union governments soon.

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The European Central Bank ( ECB ) is the central bank of the 19 European Union countries which have adopted the euro. International reserves and foreign currency liquidity. Lending of holdings under APP. 20 years of ESCB statistics: What's next ? How are Executive Board members chosen?

For the ECB cut the deposit rate for banks to below zero – the zero lower bound was breached. A good 20 years ago productivity in the euro area was growing steadily – in 1995 productivity growth was around 2% per year , as in the rest of the world. That applies particularly to the digital market

EU finance ministers are set to adopt at a meeting in December a joint statement welcoming the ECB's work on the topic.

The ECB official said several options were being studied. Under the most ambitious plan, users of the new digital coin could open bank accounts directly at the ECB. That would cut transaction costs but would make existing banks and payment services largely redundant.

Under a less radical option, banks could be given electronic cash or tokens by the ECB which they could then distribute to their clients, the official said, stressing that work was under way and that several technical and legal challenges remained.

The ECB's policymaking Governing Council will meet next week for the first time under the presidency of Christine Lagarde, who replaced Mario Draghi at the beginning of this month.

The official said that meeting could address the issue of a public digital currency in a session dedicated to future challenges.

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The European Central Bank should consider issuing a public digital currency , an EU draft document said The social media firm said in June it planned to launch its Libra digital currency next year . “The ECB and other EU central banks could usefully explore the opportunities as well as challenges

The European Central Bank has a clear mandate given by the Maastricht Treaty. It preserves today and will preserve tomorrow, as it did in the past, price stability and confidence in the currency , which are necessary conditions to sustainable growth and job creations. Confidence is a key word in present

The debate is at this stage focused on whether a public cryptocurrency is feasible or desirable, the official cautioned.

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In separate comments, Le Maire backed proposals from Germany's Finance Minister Olaf Scholz to link progress on a Europe-wide bank deposit guarantee scheme to banks' reduction of their exposure to sovereign debt.

"It is not good that banks, be them German, Italian, French or Spanish, are too exposed to the sovereign debt of their country," Le Maire said, stressing these holdings should fall before the EU could implement a joint insurance scheme for savers.

Existing national schemes in the 28 EU states cover deposits up to 100,000 euros ($110,310), but they may not be sufficient in the event of large banking crises.

Le Maire's comments are likely to irk Italy, whose banks hold large chunk of the country's huge public debt. Italian Finance Minister Roberto Gualtieri made it clear on Thursday that Rome could not support Scholz's proposals.

A French official said France had concerns about Scholz's idea of giving a score to national debt holdings, which would make Italian or French debt more expensive for banks to keep on their balance sheets.

(Reporting by Francesco Guarascio @fraguarascio; Editing by Catherine Evans)

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