Summary
- The European Central Bank (ECB) is reported to be accelerating the development of its Central Bank Digital Currency (CBDC) payment system.
- The project is planned to proceed in two phases: payment platform development and integration with existing markets.
- CBDCs are facing criticism over privacy protection issues and concerns about state control of financial flows.
According to CoinTelegraph, a cryptocurrency media outlet, on the 20th (local time), the European Central Bank (ECB) is accelerating the development of its Central Bank Digital Currency (CBDC) payment system.
The ECB plans to proceed with the project in two phases: payment platform development and integration with existing markets.
The media outlet reported that "CBDCs face criticism for issues regarding privacy protection, concerns over state control of financial flows, and inability to address fiat currency inflation mechanisms."
It added that "The ECB has been accelerating the development of the digital euro (CBDC) since the Trump administration took office."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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