The European Central Bank has released a new report on digital currency, describing it as “inherently unstable” but potentially transformative in the realm of payments.
The ECB study builds off an earlier study published in 2012, offering both a general overview of digital currencies as well as follow-up analysis on the potential benefits and risk of using so-called virtual currency schemes (VCS).
The central bank, which oversees national-level central banks in the eurozone, suggested in the report that digital currencies could impact the ECB’s ability to function. However, it stopped short of calling digital currencies a threat to its operations because of its lack of widespread adoption among consumers and businesses.
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