The European Central Bank (ECB) has rejected the idea of a digital currency – for now.
In an analysis, the ECB said that it sees no "business case" for launching its own digital currency but is looking at how one would work should that change.'
"The lack of a concrete ‘business case' for a Central Bank Digital Currency (CBDC) should and does not stop us from seriously exploring the optimal design of a CBDC so that we will be well prepared should we ever take that policy decision," said the ECB.
Other central banks around the world, including the Bank of Canada, have said no to digital currencies for the time being while not ruling one out in the future. In February of this year, Canada’s central bank said in a statement:
"Although the Bank of Canada has no plans for issuing a digital currency immediately, the Central Bank is not ruling out the possibility of launching one due to potential mass adoption of private digital currencies — and the possibility of cashless societies."
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