Today dGen, a non-profit think tank focused on emerging technology, published a paper exploring central bank digital currencies (CBDC). In particular, it looks at a potential digital Euro and the geopolitical ramifications of CBDC.
It predicts that a digital yuan will not unseat the U.S. Dollar but represents a major challenge to the world’s number two reserve currency, the Euro. In fact, dGen says that Europe needs a CBDC by 2025 to stop this happening.
It quotes Philipp Sandner of the Frankfurt School Blockchain Center: “[The] ECB’s reaction has been too slow. Especially, the benefits from a CBDC for the industry, e.g., based on programmable money, are currently neglected. Given Libra and the [Chinese] DC/EP, the ECB has to react quickly to keep its geopolitical position”.
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