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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Could the EU use Stellar Lumens to issue its CBDC?

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Stellar Lumens XLM XLMUSDT

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On a Reddit post, Stellar community has discussed the most recent developments on the possible issuance of a central bank digital currency (CBDC) by the European Union. According to statements by the president of the European Central Bank, Christine Lagarde, a decision on the project will be made by mid-year.

Lagarde has had an unfavorable position on cryptocurrencies, CBDCs and digital assets. The president of the banking institution has been more in favor of stablecoins. However, in an interview with Bloomberg, Lagarde said that the decision on whether to approve the Digital Euro will be made by the ECB’s Governing Council.

Outlining the roadmap for the Digital Euro, ECB president said that they will soon publish an analysis of the public consultation process that was opened for the project. The institution will then deliver these results to the European Parliament and receive the green light to pilot the CBDC.

Lagarde estimates that the subsequent assessments will last between 6 months to 1 year. In total, the deployment of the Digital Euro may take 4 years. The ECB President stated:

Because it’s a technical endeavor as well as a fundamental change because we need to make sure that we do it right. We owe it to Europeans; they need to feel safe and secure. They need to know that they are holding a central bank-backed […] equivalent of a digital banknote with the same level of security. […] We need to make sure that we are not going to break any system but enhance the system.

Stellar’s features would favor Digital Euro

Lagarde stressed that the “intermediaries” that depend on the current system will be able to continue to operate with the current institutions, credit lines and cash which ” will coexist” with the CBDC. The backbone of the project is to create an improved payment system “safe, solid and secure for the Europeans”.

In the Stellar community many users speculated about the possibility of the CBDC be deploy on top of Stellar Lumens blockchain. One user involved in the discussion stated that the institution could opt for this option to take advantage of the benefits of a “public-private partnership”. The user stated:

they are not collapsing the current system to go secretive again. the secrecy of the whole current financial system is its biggest issue and the reason nobody trusts the bankers. (…) the money is going to have to be a public utility, trusted by everyone.

Users in favor of this thesis highlighted that Stellar Lumens meets the requirements described by Lagarde: capacity to settle transactions, cross border remittance, and medium of exchange capabilities.

The community failed to reach a consensus. Most users believe that the banking institution will opt to use a private blockchain built specifically to host the CBDC. However, they did not rule out that the Digital Euro could be “interoperable” with other CBDCs and could even be convertible to cryptocurrencies on the Stellar Lumens, Ethereum, or other blockchains.

XLM is trading at $0,4 with 4.1% losses in the last day. On the weekly chart, XLM has 11.7% in gains.

Stellar Lumens XLM
XLM with bearish momentum on the 24-hour chart. Source: XLMUSDT Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

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.

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