LONDON, Oct 22 — 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...
LONDON, Oct 22 — 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.But questions remain why CBDCs represent an advance, with uptake low in countries such as Nigeria that have adopted them, as well as protests against the ECB’s plans, showing public concern about snooping.
Central banks were spooked into action five years ago when Facebook floated plans for a breakaway currency. Now, though, policymakers have yet to fully persuade many why CBDCs are needed. 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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