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European Central Banks Do Not Intend Issuing Any Cryptocurrency Of Their Own Anytime Soon

The excitement in some corners of the cryptocurrency market concerning the probability that major central banks in Europe and other advanced countries issuing their token might just be short-lived, as a research from an Israeli study group confirmed through its report that neither the Israeli central bank nor any other banks would be issuing any token in the nearest future.
The team which was recently set up by the governor of the central bank of Israel to help look into the issue of central bank digital currencies came out with a long report that revealed the content of their research.
“Central banks around the world are examining the probability of issuing digital currency and/or using distributed technologies in the payment system, but no advanced economy has yet issued digital currency for broad use,” it says, adding that, “the team does not recommend that the bank of Israel should issue digital currency in the near future. It is necessary to examine the field and follow developments around the world before there are proper grounds for a decision to recommend issuing digital currency,” the report concluded.
Though speculations are gaining ground in and around the crypto market about the probability, the report is equally in line with the decision of the European Union this year, that the atmosphere is not conducive enough to launch a central bank digital asset.
The decision of the banks to hold on a little further before issuing any form of digital currency might not be unconnected to the insecurity that surrounds the compartments of most cryptos.
Only this year, hundreds of cases of crypto theft were reported around the world, the hackers have developed ways of bypassing and beating round the security of most crypto wallets, digital vaults, and other security apparatus.
In a communique issued in September, the European central bank highlighted that the popularity of cash continued to rise, the bank stressed that this might be because of the limited risk involved in fiat currency, compared to its digital alternative.
Market observers are thus of the opinion that the delay on the part of the central banks is quite understandable and that once the crypto community can rid itself of the menace of hacking and cyber-theft, the Banks will follow the line and answer the call of the cryptocurrency community.

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