ConsenSys executive warned if the ECB or European Central Bank will wait for the digital euro for too long, the bank will surely put itself in precariousness says the software blockchain technology executive. The ConsenSys South Africa lead Monica Singer also connected with European Blockchain Convention to discuss the role of private sectors in the industry. ECB Will Threatens Itself if it Waits for Digital Euro-ConsenSys Exec “Who’s gonna use the euro in its current form? There are gonna be so many choices,” said ConsenSys South Africa lead Monica Singer. Another statement from the executive at major cryptocurrency firm ConsenSys reads “The European Central Bank will put itself in jeopardy if it waits around o a digital euro for too long.” Discussing the role of the private sector in altering the global central bank digital currencies or CBDCs, the ConsenSys South Africa lead Monica Singer’s team with the European Blockchain Convention. According to her, the existing financial system is far from perfect. Singer has served more than 18 years as CEO of South Africa’s central securities depository, Strate. In response, the executive provides the reason for the broken financial system. According to him, the current financial system is fragmented due to multiple intermediaries. Initiatives Like CBDCs are Opportunities to Restore The initiatives like a CBDC are opportunities for central banks to repair their mistakes. CBDCs can serve the benefits of unlocking the efficient as well as cost-effective ways to get access to capital for the private and end-customers. If global banks skip this opportunity, then surely the alternatives from the private tech giants like Facebook could make fiat currencies obsolete. Singer said: “If the central bank in Europe is gonna wait until 2028, by then there won’t be a central bank. Because who’s gonna use the euro in its current form? There are gonna be so many choices.”
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