Digital Currencies likely to be regarded as legal tender, says European Central Bank

According to officials, developed by foreign institutions, Central Bank Digital Currencies (CBDCs) are expected to become legal tender in the Eurozone.

Board member of European Central Bank, Fabio Panetta confirmed the possibility of this outcome on Tuesday in Helsinki. With the implementation of legal tender status, foreign CBDCs will serve as any foreign currency.

He added that the European bank can’t just consider or ignore illegal currencies issued by the official central banks of nations. The ECB is going to start the process of examination of central bank digital currencies in the upcoming 2 years.

The acceptance of digital forms of payment by central banks is an imperative step towards putting away the agitation of consumers that are high as of now. Also, if CBDCs from foreign banks will become a part of the traditional economic system, regulated stablecoins might also have an opportunity to be acknowledged as legal payment tools in many nations.

Share & like

Leave a Reply