ECB supported digital currency

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      Senior officials said Friday that the feasibility of a ECB backed digital currency is expected to move forward in the coming months, warning that the project faces challenges and is long-term.
Plans to create a European public digital currency began to emerge after social media giant Facebook (FB. O) announced its blueprint for its digital currency, Libra, in June. Regulators are uneasy about Libra and have raised concerns about the possibility of banning the Facebook project.
Public cryptocurrencies can replace Libra and other private projects, and are expected to reduce the cost of international transactions. EU officials believe that the international transaction cost of private cryptocurrencies is too high.
At a press conference in Brussels, French finance minister Bruno le Maire acknowledged that it would take time to develop a European public version of Libra, saying "this project is really aimed at the long term, but it does not prevent us from working and achieving results next year."
A ECB official told Reuters that the bank is already working on digital currency technology and will brief EU governments soon.
EU finance ministers met in Brussels on Friday to discuss the issue and are expected to adopt a joint statement at their next meeting in December welcoming the ECB's work in this area.
Mr. donblovsky, vice president of the EU executive committee, said that Libra was a "wake-up call" to show that Europe was lagging behind in providing cheap and fast cross-border payments.
The ECB official said the meeting looked at several options. Under the most radical scheme, users of the new digital currency could open accounts directly with the ECB. This will reduce transaction costs but make existing banking and payment services redundant.
Under a less radical option, the ECB may provide banks with e-cash or tokens, the official said. Banks can then distribute e-cash or tokens to customers. The official also stressed that the work is still in progress and there are still some technical and legal challenges.


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