The second wave of coronavirus is already here. Based on the experience of the first wave, state and supranational structures are trying to reduce the negative impact of the pandemic on the economy and finances. This is probably why the European Central Bank has published a cryptocurrency report for the euro area. It is stated that Europe should be ready to launch this cryptocurrency if needed. This asset will prove to be a lifesaver in emergencies such as a pandemic.
ECB emphasizes that the launch decision has not yet been made. Cryptoeuro will not replace the fiat euro, but it can complement the abilities of Europeans by the access to a simple, reliable, universal, and secure payment system.
The European Central Bank states four conditions under which the launch of a cryptoeuro is possible:
1) Growing demand for electronic payments;
2) Falling demand for the cash;
3) The popularity of cryptocurrencies in common;
4) Mass release of sovereign digital currencies by other countries.
The ECB does not mention in the report another aspect that can speed-up the launch of the cryptoeuro: reducing the cost of cash emission, transporting, and processing. This factor can also be important, especially amidst a coronavirus crisis.
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