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The ECB Jeopardizes Itself by Relying On Digital Euro

By Mark L - Cryptocurrency Professional - 16-04-2021

According to an executive at major cryptocurrency company ConsenSys, the European Central Bank will jeopardize itself if it waits too long around a digital euro.

Monica Singer, CEO of ConsenSys South Africa, spoke at the European Blockchain Convention about the role of the private sector in shaping global central bank digital currencies, or CBDC. In a Monday panel with BNP Paribas CIB digital transformation chief Dean Demellweek and Philipp Sandner, a professor at the Frankfurt School Blockchain Center, she discussed the advantages and opportunities of CBDC.

Singer, who previously served as CEO of South Africa's central securities depository, Strate, for more than 18 years, acknowledges that the current financial system is far from ideal.

According to the executive, the existing financial system is broken due to the numerous intermediaries, and measures such as a CBDC provide an opportunity for central banks to correct their mistakes. As a result, CBDCs will help the world bank the unbanked while also enabling more cost-effective ways for the private sector and end-customers to access capital, according to Singer.

If global banks miss out on this chance, she believes that alternatives from private tech behemoths like Facebook would render fiat currencies obsolete:

“If the central bank in Europe is gonna wait until 2028, by then there won’t be a central bank.” As previously stated, the ECB plans to decide on whether to experiment with a digital euro by mid-2021. According to ECB President Christine Lagarde, the adoption of a European CBDC would take at least four years. Meanwhile, some countries, such as China, have been actively testing CBDC since April 2020.

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