Money From the end of the peseta to the digital euro: money changes form and ... will it disappear?
Keys The advancement of the digital euro: doubts, requirements and reasons from the ECB
The president of
the European Central Bank
, has called for a global regulation of cryptocurrencies such as bitcoin, which she has described as a "highly speculative asset", which, apart from "fun businesses" has also been shown to be used for "reprehensible activities" such as money laundering.
"It is a highly speculative asset", Lagarde said when referring to bitcoin during the 'Reuters Next' conference, where he expressed the "absolute need" to approach the regulation of these assets from a global perspective, "since there is a way out , that escape route will be used. "
"I think that global cooperation and multilateral action like the one started in the G7 and then transferred to the G20 is absolutely necessary, but it is something that needs to be addressed," said the French president.
The price of bitcoin registered a rise of around 6% this Wednesday, reaching close to 35,000 dollars, a price that represents a revaluation of 19% so far this year and more than 300% in twelve months, with a capitalization of estimated market of almost 650,000 million dollars (534,327 million euros).
Digital euro in five years
On the other hand and in an "absolutely different" category, the President of the ECB has highlighted the strong interest of European citizens regarding the development of a digital euro, which Lagarde hopes will be a reality within a period "of no more than five years ", although he has stressed that the creation of this centralized digital currency
will not mean the disappearance of cash
"It is difficult to say (how far we are from the digital euro) because in the fintech world things change very quickly and we not only need to be alert but to move forward safely," explained the central banker of the euro zone, who has assured that It is not something "for tomorrow", but it will take time, although he has expressed his conviction that "there will be a digital euro" because the ECB must respond to the demand of citizens and "that demand is there".
In this sense, the French has highlighted the
record participation during the consultation period opened
by the ECB since last October and which ended this Tuesday and in which 8,221 comments have been collected by citizens, companies and industrial associations.
According to the preliminary analysis of the responses received, 41% of the total asked the ECB to implement features in the digital euro to ensure the privacy of payments.
Behind were aspects such as security (17%) or that has a pan-European scope (10%).
"The high number of responses to our survey shows the great interest of Europe's citizens and businesses in shaping the vision of a digital euro", stressed the member of the Executive Board of the ECB
The issuing institute will publish a complete analysis of the responses received throughout the spring and it will be an "important" aspect to take into account when deciding whether to give the final go-ahead to the digital euro project.
The scenarios currently being considered by the Eurosystem in which the issuance of a digital euro might be necessary include that the growth in demand for electronic payments necessitates a risk-free European and digital form of payment, a "significant" drop in the use of the cash as a form of payment, the launch of private forms of payment that raise regulatory concerns, and widespread adoption of digital currencies by other central banks.
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