Some people do not like Bitcoin. Even the European Central Bank (ECB) once said it is the “evil” creator of the financial crisis in 2008. However, the ECB is planning to do something about it.

The ECB is planning the development of a new centralized cryptocurrency. It is not a new thing as several nations are likewise trying to do the same. An example includes China that in recent times passed a law that would enable the creation of a digitized version of its currency.

Nations and institutions became fearful when Libra was proposed by Facebook. The public and politicians claimed that Libra could bring about several white-collar crimes that include money laundering. However, the fear seems right and that is why regulators are trying to fix it. It is such that Mark Zuckerberg stated that Facebook may eventually abandon the project if the Libra Association is unable to meet full regulatory approval.

However, some people still consider what can happen to the financial space through it and are finding means to deal with it. Some are likewise considering the prospects of cryptocurrency generally and the ECB is one of them.

According to Benoit Coeure, a board member of the ECB, the plans for a digital currency may help European citizens very much. Currently, financial systems lack cross-border payment solution and he believes that a cryptocurrency issued by ECB can fix it.

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