• The ECB wants to register a trademark for the digital euro.
  • The European regulators try to stay on top of the technological developments.

The European Central Bank applied to register the term 'digital euro,' Bloomberg reports. According to the information on the European Union Intellectual Property Office website, the application was submitted on September 22. The ECB representative confirmed the filing. 

ECB dives deeper into digitalization

The European Commission recently published a comprehensive 168-pages  draft proposal on how the digital assets can be integrated into the European legal framework. The document covers various aspects of the new financial tool and touches upon the benefits of the central bank-issued digital currencies (CDBC) over the fiat money.

The ECB President Christine Lagarde has also been vocal the topic, signaling that the European authorities are ready to embrace cryptocurrencies, provided that they are adequately regulated and play by the rules. The public consultations about the creation of the digital euro may be launched soon.

"The Eurosystem has so far not made a decision on whether to introduce a digital euro. But, like many other central banks around the world, we are exploring the benefits, risks, and operational challenges of doing so," Christine Lagarde said in the interview last month. 

"We have a duty to play an active role in balancing the risks and benefits of innovation in payments, so that money continues to serve Europeans well."

The central bank of France selected six banks for a pilot CBDC project. The participants will test CBDC suitability in clearing and settling financial asset transactions.

Along with the digital currency, Europe plans to develop the legal infrastructure for cryptocurrency-based companies. Thus, digital asset issuers will have to receive crypto passports and obtain permission to provide services on Europe's territory.

The global trend is gaining traction.

Central banks worldwide move to a more constructive approach towards digital currencies, Taking them as the objective reality that is here to stay. While some countries choose to impose bans and limitations, the vast majority of global regulators are open to the new technology and ready to use it for their benefit. 

Brazil's central bank may be ready to launch its digital currency by the end of 2022, while China is close to rolling out the digital version of yuan.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP