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Regulatory Series On Cryptocurrencies: Eurozone Banking Community’s Inclination For CBDC And Blockchain Amid Pandemic Crisis
Having the total number of confirmed cases and reported casualties exceed due to the deadly contagious Covid-19, many major markets halted with a trauma for 3-4 months, the total number of confirmed cases has exceeded 3-million across the globe.
As the outbreak widens, the central banks in eurozone appear to be inclined for the digital payment/currency system.
European Central Bank (ECB) has been exploring ways through which it can develop its payments infrastructure and is evaluating solutions with the help of blockchain technology and its pros & cons.
However, the questions, such as, ‘how are the long-term cyclical effects of this pandemic likely to manifest’, and ‘how can we position ourselves for a new future under unexpected circumstance’ have resulted the sovereign governments and their central banks across the globe to explore the essence and the opportunities of CBDC (Central Bank Digital Currency) foreseeing a swift transformation phase in the prevailing finance system.
the ECB to worry about its stimulus cash. The ECB is looking for a solution that can ensure that the cash reaches citizens quickly.
The major essence of this exploration has been the coronavirus outbreak, which has caused the ECB ‘s apprehensions about its stimulus cash.
With central banks all over the world considering digital currency implementations, the While Netherlands central bank, De Nederlandsche Bank (DNB), has also released a central bank digital currency report, wherein the Central Bank of Netherlands (DNB) has released a statement outlining its position on a possible central bank digital currency (CBDC).
In which, the bank states that it is constructive of a central bank digital currency concept and it reckons that a digital currency would have significant benefits for Dutch citizens.
The bank also divulges that they are readily available to play a leading role in CBDC research.
The cash was used for 32% of purchases last year, down from 37% in 2018. For the first time, contactless debit card payments, at 43%, were recorded above cash’s share. Total debit card payments reached 67% of purchases, as per the new data released by the Netherlands Bank (DNB).
It also noted that the pandemic Covid-19 has an adverse impact on the global monetary system that can see a decline in the use of physical cash. Under such contagious crisis, the concept of CBDC could be used as a potential solution.
Elsewhere, the First Deputy Governor of Banque de France, Denis Beau, has recently recommended deploying distributed ledger technology (DLT) for euro payment settlements within the Eurozone. We’ve noted this in our recent posts also, we wish to reiterate that, at the Second Annual Capital Markets Technology and Innovation Conference, Denis Beau advocated the European Central Bank (ECB) that the European Central Bank (ECB) should be liberal in experimenting with distributed ledger technology (DLT) as a way of settling euro-denominated transactions.
The Swiss National Bank (SNB) made an effort by signing an operational pact with the Bank of International Settlements (BIS) to delve into digital currencies in the BIS Innovation Hub Centre established in Switzerland.
Besides these instances, some reputed banking-giants within eurozone have also keen on this space.
Spanish Banking Giant Santander Pilots Ethereum-Powered Bond Redemption.
While Banco Santander carried out the fixed business through blockchain, the head of digital investment banking division, Mr. John Whelan, clarified the news that the bank has carried out an early redemption of its Ethereum blockchain-enabled bond that was issued in September of this year.