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The European Union (EU) appears to be constructive on blockchain adoption in their financial system.
Accordingly, ECB’s (European Central Bank) idea of developing a new centralized cryptocurrency is in place.
Benoit Coeure, who is an executive board member of the European central banker, divulged the plans of central bank’s digital currency as the real apprehension that he foresees with the current financial systems is their lack of cross-border payment action.
He appears to be apprehensive as to how long the payments take and how difficult it is to ensure currencies could be exchanged.
He seems to be quite assertive about an ECB-backed cryptocurrency could address this issue effectively.
While 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.
At the Second Annual Capital Markets Technology and Innovation Conference, Denis Beau advocates 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.
Beau reckons that the blockchain-driven solutions can transform the financial industry, He adds on: “the tokenisation of financial assets combined with the recourse to blockchain-based solutions and more broadly Distributed Ledger Technologies to store and transfer those assets could help answering market’s demands.”
While EU has created a blockchain and artificial intelligence (AI) fund worth EUR 400 million. It is interpreted as a movement to keep up with innovation efforts of competitor countries such as the US and China.
While China has also lately adopted a law that will foster blockchain technology, the new law will allow the nation to launch its digital form of yuan designed to compete with the likes of Libra.
The renowned crypto-player, Ripple has already been popular among the banking community as its edge to transact overseas payments swiftly and efficiently is perceived as a competitive advantage, however, the banks have the current SWIFT mechanism (Society of Worldwide InterBank Financial Telecommunications) in place that seems unlikely to lose their importance in the industry so easily.