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ECB Has ‘No Plans’ to Issue a Digital Euro, Says Mario Draghi

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The chief of the European Central Bank (ECB) said Friday that the institution sees no “concrete need” to issue a digital version of the euro, Reuters reports.

In a letter to a member of the European Parliament, ECB President Mario Draghi said a lack of robustness in the technology that would underlie such an endeavor, as well as the high levels of physical cash use cross the EU, meant the option is not on the table at present.

“The ECB and the Eurosystem currently have no plans to issue a central bank digital currency,” he said.

Draghi went on to say that distributed ledger technology (DLT), a likely prime candidate for the basis of a central bank digital currency (CBDC), would “require substantial further development.”

The ECB’s own research indicates that, in 2017, cash still made up 78.8 percent of all payments at points of sale across the EU. Payments by credit and debit cards, meanwhile, made up 19.1 percent and the remainder (2.1 percent) were made using other instruments.

The 2017 report stated that, “This seems to challenge the perception that cash is rapidly being replaced by cashless means of payment.”

While the ECB may not consider DLT yet mature enough to warrant a real world application as the rails of a national digital currency, other centrals banks are increasingly moving to investigate the possibility.

In late August, the Bank of Thailand said it plans to complete the first phase of a proof-of-concept trial for a CBDC by next March. For the effort, the central bank has partnered with eight domestic financial institutionsand will build the product on Corda, a DLT platform developed by consortium startup R3.

China too, is making rapid strides towards the launch of its CBDC.

CoinDesk reported in June that the Digital Currency Research Lab at the People’s Bank of China has filed more than 40 patent applications so far pertaining to its planned digital currency – one that would combine the core features of cryptocurrency and the existing monetary system.

Others such as Norway, are investigating their own national cryptos in the face of falling cash use in the country.

That said, like the ECB, other central banks have suggested that now is not the time for launching a CBDC. Hong Kong ruled out the option in May, as did Australia and New Zealand in June.

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Bitcoin (BTC/USD) forecast and analysis on September 25, 2018

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Cryptocurrency Bitcoin (BTC/USD) is trading at 6706.08. Quotes of the cryptocurrency are traded above the moving average with a period of 55, which indicates the existence of a bullish trend for Bitcoin. At the moment, the quotes of the cryptocurrency are moving near the middle border of the Bollinger Bands indicator bars. A test of the level of 6590.00 is expected, from which one should expect an attempt to continue growth and further development of the upward trend with the target near the level of 7190.00.

Bitcoin (BTC/USD) forecast and analysis on September 25, 2018

Bitcoin (BTC/USD) forecast and analysis on September 25, 2018

The conservative buying area is near the lower border of the Bollinger Bands indicator strip at 6580.00. The abolition of the option of continuing Bitcoin growth will be the breakdown of the lower border area of ​​the Bollinger Bands indicator strips, as well as the moving average with a period of 55 and the closing of the pair quotes below the area of ​​6200.00, indicating a change in the bearish trend for BTC/USD. In the event of breakdown of the upper boundary of the bands of the indicator Bollinger Bands, one should expect an acceleration of growth.

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Ripple (XRP/USD) forecast and analysis on September 25, 2018

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Cryptocurrency Ripple (XRP/USD) is trading at 0.5761. Quotes of the cryptocurrency are traded above the moving average with a period of 55, which indicates the existence of a bullish trend for Ripple. At the moment, the quotes of the cryptocurrency are moving near the middle border of the Bollinger Bands indicator bars. A test of the level of 0.5300 is expected, from which one should expect an attempt to continue growth and further development of the upward trend with a target near the level of 0.7210.

Ripple (XRP/USD) forecast and analysis on September 25, 2018

Ripple (XRP/USD) forecast and analysis on September 25, 2018

The conservative area for buying is located near the middle border of the Bollinger Bands indicator strip at 0.4680. Canceling the option of continuing Ripple growth will be the breakdown of the mid-range area of ​​the Bollinger Bands indicator bars, as well as the moving average with a period of 55 and the closing of the pair quotes below the area of ​​0.4500, indicating a change in the bearish trend for XRP/USD. In the event of breakdown of the upper boundary of the bands of the indicator Bollinger Bands, one should expect an acceleration of growth.

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Why Ripple (XRP) can jump 100x in value and become the world currency

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Ethereum (ETH/USD) forecast and analysis on September 25, 2018

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Cryptocurrency Ethereum (ETH/USD) is trading at 245.16. Quotes of the cryptocurrency are traded above the moving average with a period of 55, which indicates the existence of a bullish trend for Ethereum. At the moment, the quotes of the cryptocurrency are moving near the middle border of the Bollinger Bands indicator bars. A test of the level of 238.00 is expected, from which one should expect an attempt to continue growth and further development of an upward trend with a target near the level of 280.50.

Ethereum (ETH/USD) forecast and analysis on September 25, 2018

Ethereum (ETH/USD) forecast and analysis on September 25, 2018

The conservative buying area is located near the lower border of the Bollinger Bands indicator strip at 220.50. The abolition of the continuation of Ethereum growth will be the breakdown of the lower border of the Bollinger Bands indicator bands, as well as the moving average with a period of 55 and the closing of the pair quotes below the area of ​​200.00, which indicates a change in the trend in favor of the bearish for ETH/USD. In the event of breakdown of the upper boundary of the bands of the indicator Bollinger Bands, one should expect an acceleration of growth.

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