ECB executives give impulse: Central bank digital currency may affect the entire financial ecosystem and may destroy the entire banking system

Central banks around the world are now analyzing the concepts behind digital currency issuance. Although the idea is still in the works, Yves Mersch, vice chairman of the European Central Bank (ECB) 's supervisory board, believes that "it may affect the entire financial ecosystem and may destroy the entire banking system." "We are testing different technology products to see what is possible, what is technically feasible, and what is legally feasible. There are various possibilities for digital currency at the central bank," said in an interview. These possibilities will have more or less revolutionary consequences. ”Mercer also revealed that although the European Central Bank has been evaluating the technical and academic perspectives to increase knowledge, in terms of implementation, the European Central Bank is still far from political decisions. far away. Earlier, the European Central Bank pointed out inadequate "speed, cost and inclusiveness" of existing retail payments in a document entitled "Innovation and its Impact on the European Retail Payments Landscape." The report further elaborated the European Central Bank ’s intention to explore the potential of the global stability mechanism. It also revealed that the European Central Bank plans to launch an “innovative and efficient” payment solution, similar to the single euro payment area (SEPA) for pan-European countries. The document said: "The European Central Bank will also continue to evaluate the costs and benefits of issuing central bank digital currency (CBDC), which will ensure that ordinary people will still be able to use central bank currency even if the use of physical currency eventually declines."