NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Central Banks Issuing Digital Currency Could Be a Bluff; Here’s How

Thomas Delahunty
Thomas Delahunty
1 year ago
3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Going by recent headlines, it appears as though central banks around the world are planning to or in the process of creating their own digital currencies.

The coins, by their disruptive nature, are bound to attract attention from these banks. And with Facebook’s plans to launch the Libra, there are ever-growing challenges to their monetary authority and uncertainty about how money will be used in the coming years.

Central Bank Digital Currency, a Bluff?

Despite all this talk about central banks launching their own digital currencies, it’s an “elaborate bluff,” according to Financial Times. 

Christine Lagarde at the European Central bank (ECB) gave a contradictory position this week when she told the European Parliament that central bank-issued digital currencies (CBDCs) were “an area where we have to rush slowly.”

“There is clearly a demand and there is clearly a technology that would support it, but clearly there are also risks for the international monetary system and financial stability at large,” she added.

It is clear that the idea of the Libra — a digital currency that promises to make payments quicker, cheaper, and easier for Facebook’s almost 2.5 billion users — has been a serious wake-up call for central bankers. They worry about all kinds of risks, including its operational robustness, customer protection, money laundering, terrorism finance, and data privacy.

But the biggest concern is that Libra, and other digital currencies like Bitcoin, have the potential to dilute the main power of central banks: their ability to control the supply of money.

Benoît Cœuré, the ECB director who led the G7 working group on the Libra, has likened Facebook’s digital currency to an “elephant in the sandbox;” French finance minister Bruno Le Maire warned the country could ban the Libra.

Faced with such concerns, central banks are moving cautiously.

Contradictions Apparent

Of note is that ECB insiders say it has no laboratory working on a digital euro and little intention to create one any time soon.

It seems most of these recent comments seem designed push private sector banks into improving inefficient, costly, and time-consuming cross-border payments.

Cœuré recently praised an initiative by about 20 large European banks including BNP Paribas and Deutsche Bank to create a new digital payments system: the Pan European Payment System Initiative (Pepsi). The idea is to enable instant cashless payments through a European rival to ApplePay in the US and Alipay in China.

In the same speech, Cœuré again touched on the possibility of the ECB issuing its own digital currency, saying: “Potential central bank initiatives should not discourage or crowd out private market-led solutions for fast and efficient retail payments in the euro area.”

With the contradictions apparent, this talk of central banks issuing digital currencies could just be a distraction as they are secretly hoping the private sector will come up with solutions that make issuing a CBDC unnecessary altogether. 

What is for certain is that central banks are worried about what the future holds for them.

Featured Image from Shutterstock
Tweet123Share196ShareSend
Thomas Delahunty
Thomas Delahunty

Thomas Delahunty

I’m Thomas J. Delahunty, born in Lancashire, England, but raised and currently residing in Columbus, Ohio where I attended The Ohio State University studying English and History.

Read more

After writing in the Fintech and Forex spaces, I began to focus on blockchain and cryptocurrencies — Bitcoin in particular — in 2016.

Aside from being part of NewsBTC’s journalism team, I am a writer and analyst for Ohio State’s Risk Institute at the Fisher College of Business, and run operations for two local, independent online businesses.

Close

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Smart Contract Lock and CertiK Audit: The Driving Factors Behind $FUN’s Breakout

Web3 gaming’s FUNToken emerges with strengthened fundamentals following smart contract lock implementation and CertiK audit clearance. Trading at $0.009894 as...

News BTC 52 minutes ago
Solana koers stijgt 12% in een week: golden cross wijst op $172

Solana koers stijgt 12% in een week: golden cross wijst op $172

De Solana koers laat de afgelopen dagen weer interessante bewegingen zien. SOL laat de top 10 crypto’s achter zich en...

Lars Diederiksen 55 minutes ago
암호화폐 스타트업, 지난달 11.5억 달러 자금조달… 다음 ‘ICO 대박주’는 BTC불?

암호화폐 스타트업, 지난달 11.5억 달러 자금조달… 다음 ‘ICO 대박주’는 BTC불?

지난 달은 암호화폐와 웹3 업계가 강세를 보인 달이었다. 6월 한 달간 암호화폐와 웹3 분야 스타트업들이 총 140건의 투자 유치를 통해 11억 5000만 달러를 끌어모았다. 시장...

Soyeon Lee 1 hour ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

buy bitcoin Arthur Hayes

Buy Bitcoin Before Jackson Hole—Or Regret It Forever, Says Arthur Hayes

Jake Simmons 24 minutes ago

Ethereum Stagna: I Dati On-Chain Mostrano Accumulo da Parte delle Whale

clararosati 30 minutes ago
Bitcoin Moves Up, Dogecoin Surges Above Key $0.17 Mark; Token6900 Set to Explode

Bitcoin Moves Up, Dogecoin Surges Above Key $0.17 Mark; Token6900 Set to Explode

Aaron Walker 36 minutes ago

Premium Sponsors

Press Releases

  • A perfect combination! ETHRANSACTION three-coin joint...

    55 minutes ago
  • Gate Launches xStocks Trading Section, Bridging Crypto...

    1 hour ago
  • 1 Najlepsza kryptowaluta do kupienia przed wzrostem o...

    2 hours ago
  • Trader Dự Đoán Đúng XRP Giờ Gọi Tên Meme Coin

    Trader Dự Đoán Đúng XRP Giờ Gọi Tên Meme Coin...

    3 hours ago
  • Các Đồng Coin Tiềm Năng: TOKEN6900 Gây Sốt, Gọi...

    3 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.