Benoit coeure: “the ECB needs to develop its own digital currency»

Benoit coeure: "the ECB needs to develop its own digital currency»

Former ECB Board member Benoit coeure believes that the Bank should consider launching its own digital currency so as not to be dependent on international payment service providers.

During a joint conference of the European Central Bank with the National Bank of Belgium, benoît cœuré stated:

“The Central Bank’s own digital currency will guarantee that people will use the Central Bank’s money even in the event of rapid development of electronic payments. At the same time, the digital currency can acquire various characteristics, advantages and costs, which are currently being actively studied by the ECB and other Central banks.”

According to Kere, the ECB will continue to actively study the impact of new payment technologies on consumer behavior in the Euro Area and take measures to protect them, as well as maintain the stability of the current monetary policy. He also believes that banks should not interfere with the development of private payment initiatives in the EU.

Kere stressed that for 20 years, Europe has not established a single standard for payment cards. At the moment, 10 European countries have their own principles of functioning of Bank cards, which do not allow using cards from other EU countries, which is actively used by foreign suppliers of non-cash payments.

“Global stablecoins and other similar solutions carry a huge number of risks related to legal certainty, investor protection, financial stability and compliance with anti-money laundering measures. The private entities behind the creation of such initiatives have already realized that public entities will impose stricter standards on them, ” Kere said.