The European Central Bank is taking a big risk by slowing down the development of a regional digital currency (CBDC). In the context of rapid digitalization, the entire financial system of the EU may be at risk, says Monica Singer, representing the crypto company ConsenSys.
The singer participated in a blockchain conference organized by the European authorities, where the prospects for digital currencies of central banks were discussed.
The CEO of ConsenSys said that the main advantage of CBDC is the lack of intermediaries when processing transactions.
Trending: BNB Chain Gets Back to Normal After a Hack Estimated $100 M
The current EU financial system is far from perfect and needs modernization. By launching their tokens, central banks accelerate the development of the new economy and increase the availability of financial services for the population and business.
Singer also highlighted: "If the central bank in Europe waits until 2028, then it will be gone by then. Because who will use the euro as it stands? And by that time we will already have many options."
In early February, it became known that the leadership of the European Central Bank promises to decide on the launch of the digital euro by mid-2021.