In the past few weeks, the prices of cryptocurrency and bitcoin have climbed so high and also uplifted by the U.S. election.

Last month, the central banks all over the world, including the U.S. Federal Reserve indicated that they are progressing towards the digitalization of their currencies and opening up the crypto and bitcoin market to millions has also influenced the price of bitcoin.

Now, crypto and bitcoin beholders are prepared in advance for the two-day annual forum of the European Central Bank ( ECB ) with its president, Christine Lagarde.

Last month, the president of ECB, Christine Lagarde said, “ the ECB should be prepared to issue a digital euro,” is now all set to speak regarding the consequences of fundamental changes in Central banks across the globe.

Jerome Powell, chairman of the Federal Reserve, and Andrew Bailey, governor of Bank of England will join this year’s online event open by Lagarde. Lagarde was unsure about the euro till last month as she made a statement saying that she wanted to make sure whether the euro is pertinent for the digital age or not.

Cryptocurrency traders will now pay attention to the remarks given by senior central bankers. In order to know how the research and development of the Central Bank Digital Currency (CBDC) are flourishing and how they are expected to influence the existing digital currencies by the governors.

In the retail markets, the framework of CBDC will certainly be in the form of a token. This also means that in order to make it work as a payment method, remittance solutions have to be altered from today's analog world to an accurately digital one.

As a result, it will be easier for e-commerce to interchange between bitcoin and CBDCs on every single transaction. For the last few years, CBDCs have become the most popular topic among central bankers.

Crypto Business World

CBW - External Analyst

INDIA