ECB

About 86% of the central banks including Bank of America and the ECB, are busy delving into the development of CBDCs to defend their territories from the evasion of Bitcoin and other digital assets.

The European Central Bank Governing Council is advancing the work on the possible issuance and circulation of a digital euro, a type of central bank electronic money that would foil cash, not substitute it. Authorities want people to access and use these two types of money together, to offer greater choice and easier access to means of making payments.

Facebook's cryptocurrency Libra could harm central banks and other major fiat currencies including the euro and dollar, according to European Central Bank (ECB) senior member of the executive committee Yves Mersch.

The European Central Bank (ECB) is not considering issuing a digital currency since the underlying tech is still volatile and the use of hard cash still lofty in the eurozone, according to a statement by the ECB president on Friday, September 14.

Martin Armstrong stresses that the birth of a cashless society is coming in much faster than expected.