Deputy Governor of the Bank of Italy says Government Cryptocurrencies can save EU 76 Billon Pounds. – Bitcoints

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Published on June 9th, 2018 | by bitcoin

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Deputy Governor of the Bank of Italy says Government Cryptocurrencies can save EU 76 Billon Pounds.

Deputy Governor of the Bank of Italy says Government Cryptocurrencies can save EU 76 Billon Pounds.Fabio Panetta, deputy governor of the Bank of Italy, gave a keynote address focused on central bank digital currencies (CBDCs) at the SUERF/BAFFI CAREFIN Centre Conference in Milan Thursday, June 7.
Unlike cryptocurrencies – “a liability belonging to nobody” – the deputy governor stressed from the outset that a CBDC would be a liability of the central bank, backed by its assets.
Where Panetta saw a key potential justification for CBDC issuance was to reduce costs in the production, transportation, and disposal of cash.
He cited estimations that these costs amount to about half of a percentage point of GDP in the EU annually, around €76 bln – a figure equal to almost half of the annual EU budget.
Last month, the Bank of England issued two staff working papers devoted to the issue of CBDCs.

Source: Cointelegraph.com

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