European Central Bank: CBDC is the "only solution" to ensure the smooth continuation of the current monetary system

[European Central Bank: CBDC is the "only solution" to guarantee the smooth continuation of the current monetary system] Golden Finance reported that the European Central Bank (ECB) stated that the introduction of digital cash in the form of central bank digital currency (CBDC) seems to be the guarantee for the current monetary system The "only solution" for "smooth continuation". This view comes from the ECB’s working paper series, published in August, which discusses monetary policy and financial stability in relation to CBDCs.

The paper concludes that the introduction of CBDCs is “the only solution to guarantee the smooth continuation of the current monetary system” as physical money loses its economic “fitness” and cryptocurrencies and tech giants continue to march into the financial system. The paper also notes that no regulatory alternative promises to eliminate the threat of a two-tier monetary system. Since cash only exists in physical form, it is not structurally "fit" for the digital age. (Cointelegraph)

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