• 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.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin must reclaim $40,000 or risk plummeting to $20,000, curtailing crypto bull run

Cryptocurrencies in the market seem to be resuming their uptrends, following significant losses in the previous weeks. Uncertainty in the market was brought about by Bitcoin’s swings to $40,000 and back to $34,000.

More Bitcoin News

ADA technical and on-chain levels confirm a 60% explosion to $0.6

Cardano recently confirmed a breakout in away validating the 900% upswing prediction we discussed last week. Several hurdles have been shattered at the time of writing, including $0.3 and $0.35, adding credence to the potential breakout to $0.6.

More Cardano News

Yearn.Finance brushes shoulders with $40,000 overshadowing Bitcoin’s $36,000

Yearn.Finance has consistently recovered from the recent dip to $25,000. The price drop was not unique to the decentralized finance (DeFi) token but affected the entire cryptocurrency space. 

More Yearn.finance News

LINK squabbles under heavy selling pressure, downswing targets $16

Chainlink is up 10% in the last 24 hours and a whopping 52% in the previous seven days. After breaking above $20, LINK soared to a new record high at near $24. Meanwhile, the uptrend seems to have hit the ultimate point, as selling pressure finds its way back into the market.

More Chainlink News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high

Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. 

Read the weekly forecast

BTC

ETH

XRP