Analysis-Time for central bank digital currencies to prove their worth
LONDON - A milestone move by the European Central Bank toward launching a digital euro within a few years means the time has come for newest incarnation of money to prove its worth.
Supporters say CBDCs will modernise payments with new functionality and provide an alternative to physical cash, which seems in terminal decline. "It is one of the biggest central banks, so if it comes up with answers to the privacy and cyber security issues and the ability to use it offline, it will be a very influential."Fabio Panetta, the ECB Executive Board member overseeing the bank's digital euro work, said it would help"future-proof" the currency and reduce what he called an over-reliance on the payment systems of U.S.-based credit cards.
In contrast, Canada and some others appear to be tapping the brakes, while most of those already using CBDCs are seeing very little interest. "The current adoption level of eNaira has been reflective of the early stage of CBDC awareness," the country's central bank said in a written response to questions, adding it had been"consistent" with expectations.
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