An executive at major cryptocurrency firm ConsenSys, has posited that the European Central bank will put itself in jeopardy if it waits around digital euro for too long.
Monica Singer, the leader of ConsenSys in South Africa, has joined to discuss the role of private sector in shaping global central bank digital currencies at the European Convention. In a Monday panel with BNP Paribas, CIB digital transformation leader Dean Demellweek and Philip Sander, a professor at the Frankfurt School of Blockchain Centre, they discussed exhaustively on the CBDC powered gains and opportunities.
Singer who served more than 18 years as CEO of South Africa’s central securities depository, Strate — believes that the existing financial system is far from perfect.
According to the executive, the current financial system is broken due to the many intermediaries, and initiatives like a CBDC are a chance for central banks to repair their mistakes. As such, CBDCs can help the world to bank the unbanked as well as unlock more cost-efficient ways to get access to money for the private sector and end-customers, Singer noted.
If global banks miss this opportunity, alternatives from private tech giants like Facebook could make fiat currencies obsolete, she 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.”