The ECB Moves Into Next Phase of CBDC

Happy Wednesday, Blockfolians

The Lede

The European Central Bank is moving into the next phase of their digital euro project. This “investigation” phase is slated to last 24 months and consider key questions around the design of a digital euro, potential changes necessary in European legislation, and implications for the broader markets and financial intermediaries.

European Central Bank @ecb

(THREAD) We have decided to launch a project to prepare for possibly issuing a digital euro. We will look at how a digital euro could be designed and distributed to everyone in the euro area, as well as the impact it would have ecb.europa.eu/press/pr/date/… 1/3

The goal of this phase would be to move to another development phase, which would be another 3 years again. So even “moving full steam ahead” means a 5 year shift.

Meanwhile, back in the US one Federal Reserve Vice Chair threw some cold water on the entire CBDC enterprise, suggesting that private USD-denominated stablecoins could make the whole thing redundant and unnecessary.

nic (as a bitcoiner) @nic__carter

Just reflecting again on this speech from Randal Quarles, and I am once again blown away by how on point it is. It’s so refreshing to hear a top central banker express such common-sense stances on CBDCs and stablecoins. Quick summary:

federalreserve.govSpeech by Vice Chair for Supervision Quarles on central bank digital currencyI have been reflecting recently, and in connection with this speech, on America’s centuries-long enthusiasm for novelty. In the main, it has served us and the

Pretty interesting times in digital money land, we’ll say that.

Enjoying Blockfolio’s Market Refresh? Sign up to have it delivered every day.

---

Highly Relevant Reading

• ShapeShift is shifting itself out of (centralized) existence

• Paraguay introduces crypto legislation

• Sumpin’ funky happening with Uniswap education/policy DAO

• Anheuser-Busch working with Gary Vee on long-term NFT play

---

Community Commentary

The CEO of Blackrock says investors aren’t focused on crypto right now

Squawk Box @SquawkCNBC

"In my last two weeks of business travel, not one question has been asked about that. That is just not part of the focus of retirement and long-term investors. We see very little in terms of investor demand," says $BLK's Larry Fink on #bitcoin #btc #crypto.

Well, hello Senator Toomey

The Wolf Of All Streets @scottmelker

Wow. US Senator @SenToomey states that cryptocurrencies are not securities and that the SEC may not have jurisdiction.

---

A Really Big Number We Should Be Paying Attention To

$50M

That’s the size of a recent raise from a Chinese miner to help them re-locate. The great hashrate migration is underway!

---

Final Thought

FTX x MLB

SBF @SBF_Alameda

Who's that behind Vlad Jr? ...is that an FTX: Umpire?