{"id":298940,"date":"2021-07-14T20:03:33","date_gmt":"2021-07-14T17:03:33","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ecb-is-looking-to-design-a-digital-euro-more-energy-efficient-than-bitcoin\/"},"modified":"2021-07-14T20:03:33","modified_gmt":"2021-07-14T17:03:33","slug":"ecb-is-looking-to-design-a-digital-euro-more-energy-efficient-than-bitcoin","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ecb-is-looking-to-design-a-digital-euro-more-energy-efficient-than-bitcoin\/","title":{"rendered":"# ECB is looking to design a digital euro more energy-efficient than Bitcoin"},"content":{"rendered":"

“# ECB is looking to design a digital euro more energy-efficient than Bitcoin <\/strong>”
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The European Central Bank, or ECB, joins the growing club of crypto-friendly financial institutions as it announces<\/a> the decision \u201cto launch a project to prepare for possibly issuing a digital euro.\u201d The ECB\u2019s official tweet noted:<\/p>\n

\u201cWe will look at how a digital euro could be designed and distributed to everyone in the euro area.\u201d<\/p><\/blockquote>\n

According to a\u00a0press release<\/a>\u00a0on July 14, the ECB’s governing council has launched the investigation phase of a digital euro project. This phase is planned to last for two years, during which time Eurogroup will design a digital currency focused on \u201cusers\u2019 preferences and technical advice by merchants and intermedia<\/a>ries.\u201d<\/p>\n

Sharing more insights, the ECB\u2019s official statement also highlighted their success in identifying the various ways to protect it\u2019s user\u2019s privacy, in tune with the nation\u2019s GDPR requirements. They added:<\/p>\n

\u201cIt has also shown that the energy needs of the infrastructure would be negligible compared with the energy consumption and environmental footprint of crypto-assets, such as bitcoin (BTC).\u201d<\/p><\/blockquote>\n

One of ECB\u2019s executive board members, Fabio Panetta, clarified that the success of the digital euro will be heavily dependent on the value it adds for \u201cpeople, merchants and financial intermediaries in the euro area.\u201d<\/p>\n

Related: UAE to experiment and launch an in-house digital currency<\/em><\/strong><\/p>\n

On a similar timeline, the United Arab Emirates also announced an interest in launching a digital version of the nation’s fiat. In the three-year plan spanning from 2023-2026, the Central Bank of the UAE intends to be among the top 10 financial leaders across the globe.\u00a0<\/p>\n

In what seems increasingly common in 2021, banking giants around the world are announcing their interest in experimenting with various types of crypto assets. Recently, Vietnam\u2019s prime minister Ph\u1ea1m Minh Ch\u00ednh asked the State Bank of Vietnam to begin trialing its own digital currency.<\/p>\n

While the crypto ecosystem faces enormous mainstream resistance, governments are now cautious about missing out on the underlying innovation. As more and more leaders continue to share their interest in trying out digital currencies, Bitcoin is set to redefine the \u201cB\u201d in banking.<\/p>\n