ECB wants to stand up to Facebook and China

The digital euro is likely to be a few years away. How revolutionary it really is remains to be seen.

Facebook should once again be ahead of the game – and bring out a digital euro before the European Central Bank (ECB). The “Diem” consortium (formerly “Libra”) will initially launch a cryptocurrency that is pegged to the dollar, but other currencies will follow. Digital money tied to the euro could be available as early as 2021. This is the conclusion of the Frankfurt School Blockchain Center in an analysis, the results of which the FERI Cognitive Finance Institute has summarized. The introduction of a digital currency by the ECB, on the other hand, is not expected until the middle of the decade at the earliest.

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