party BJP INC JDS OTH
By-Poll (00/15) 00 00 00 00
total(00/225) 105 66 34 02

Public digital currency could be needed to lower cost of payments: ECB

 Public digital currency could be needed to lower cost of payments: ECB

BRUSSELS (Reuters) - A digital currency backed by the European Central Bank could be necessary if international payments within Europe remained too expensive, an ECB document said, adding that its possible adoption could be accelerated by signs of lower cash usage.

The confidential document, seen by Reuters, also says that an ECB-backed digital currency would have "far-reaching implications" for monetary policy and for banks, and therefore its possible introduction should be carefully assessed.

The document will be presented to European Union finance ministers at a meeting on Thursday.

(Reporting by Francesco Guarascio @fraguarascio; Editing by Hugh Lawson)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

Updated Date: Dec 05, 2019 00:06:12 IST