No, the EU is Not Issuing a State-Backed Cryptocurrency6.72

Mario Draghi, President of the European Central Bank (ECB), said that the authority does not see a “concrete need” for a digital token alternative to the euro, according to Reuters.

Highlighting the stability of fiat money and the infamous volatility of cryptocurrencies, Draghi told parliament members that a lack of robustness in blockchain technology, as well as the absence of sustainable infrastructure to facilitate a crypto economy, meant digital tokens were not a priority for the bank.

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