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ECB’s CBDC investigation breaks new ground

December 10, 2022 by Rich Turrin

The European Central Bank (ECB) is doing a great job building the digital euro!

Thanks to Isabelle Castro Margaroli for this interview In Fintech Nexus new!

Full article available here

“I think the European Central Bank is doing a fabulous job on the digital Euro,” said Richard Turrin, author of Cashless.

“I think they are to be commended for the regular amounts of updates that they’re putting out telling the European citizens what they’re doing.”

“It is absurd to compare the rollout of the digital euro, which will become the national currency, which is universally accepted at all stores, all businesses, and by everyone in an entire nation, to the adoption of stablecoins,” he said.

“None of these stablecoins have yet had significant enough global adoption to make claims that they can carry the payments of a nation or multiple nations.”

“They scored big time telling people they are going to look to third parties to validate the digital currency transactions,” said Turrin after covering it extensively in his newsletter. “What that means is they’re going to keep their hands off the data and push it to banks.” He explained that by doing this, the ECB may have commanded the support of commercial banks and avoided public controversy around privacy.

“Banks have the KYC and already do financial transactions,” he continued. “If the ECB doesn’t have the data, they can’t be accused of “spying.” It takes the wind out of the sails of many of the arguments against CBDCs.”

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Category: Articles, CBDC, Digital Euro, FintechTag: CBDC, Central Bank Digital Currency, Digital Euro
Rich Turrin

About Rich Turrin

Rich Turrin is the international best-selling author of “Cashless – China’s Digital Currency Revolution” and “Innovation Lab Excellence.” He is an Onalytica Top 100 Fintech Influencer and an award-winning executive previously heading fintech teams at IBM following a twenty-year career in investment banking. Rich is a leading media commentator and advisor on China’s digital currency and tech scene. Living in Shanghai for more than a decade, Rich experienced China going cashless first-hand.

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