ECB planning to launch a Libra and Bitcoin rival

The European Central Bank (ECB) is planning to create its own currency, which is said to be a strong rival against Facebook’s Libra and Bitcoin.

After the threat by China’s Central Bank digital currency, (CBDC), here comes now the ECB to propose another one.

Following the recent discussions on whether Libra should be regulated and as stated by ECB board member Benoit Coeure “Libra was a wake-up call” and thinking needs to be put into creating a central bank digital currency.

An official at the ECB proposed an idea on some characteristics the project could have and supposedly, it will be a digital form of cash that could be directly deposited at the ECB without the need of bank accounts and intermediaries.

Bruno le Maire and Olaf Scholz, respective finance ministers for France and Germany encouraged the initiation of the project as it could deal with “issues around possible public digital currency solutions”.

Libra does not fall short in rivals as this week Danish politician Margrethe Vestager became the European Commission’s executive vice president for digital. Vestager is already a rival of Libra’s because of her stint as the EU’s competition commissioner.

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Published on: 23/09/19