Major cryptocurrency event, Consensus 2022, has officially kicked off in virtual manner. Consensus: Distributed, Coindesk'southward outset ever fully virtual conference, featured European Central Bank (ECB) key legal official, Yves Mersch, as the first speaker.

On May 11, ECB board member Mersch delivered an exclusive keynote devoted to central depository financial institution digital currencies (CBDC), a key banking company digital currency that can be used by consumers. Speaking at half-dozen:45 a.thou. ET, the ECB official outlined that the depository financial institution is mainly focused on a retail implementation of CBDC.

The ECB voices its focus on retail CBDC implementation

Opposing retail CBDCs to wholesale cardinal bank digital money, Mersch argued that wholesale CBDC implementations would be "largely business as usual." He said:

"A wholesale CBDC, which is restricted to a limited grouping of financial counterparties, would exist obviously largely business concern every bit usual. However, a retail CBDC, accessible to all, would be a game changer. And so, a retail cardinal bank digital currency is now our main focus."

Apparently, the ECB is amidst the first in the globe focusing on a retail CBDC. According to an April report by major blockchain firm R3, the existing CBDC projects past global central banks represent wholesale implementation. Mersch highlighted that central banks are focused on wholesale CBDCs due to risks of shaking the entire global financial system:

"You lot may wonder why central banks accept not chosen to provide retail access to cardinal bank money despite access to the technology so far […] The main reason is that introducing a retail CBDC could take major consequences for the whole financial arrangement."

Cash is here to stay

Despite outlining the ECB's focus on working closely on CBDC implementation, Mersch still noted that CBDC adoption largely depends on preferences by people. As such, the ECB official emphasized that cash remains i of the nigh popular payment methods in Europe.

As much as 76% of all transactions in the euro area are carried out in greenbacks, amounting to more a half of the total value of all payments, Mersch stated. The ECB is still engaged in exploring CBDC use to be able to provide CBDC solutions when information technology's needed, Mersch said, terminal: "If and when time comes, nosotros want to be ready and let me assure you we will be ready."

Consensus: Distributed brings together more than 13,000 attendees from May eleven to May 15, featuring over 100 sessions carried out online. Every bit reported by Cointelegraph, Consensus' creators decided to bear the crypto issue virtually in response to the ongoing coronavirus pandemic.

Consensus 2022 day i comes on the same day with the long-anticipated Bitcoin (BTC) halving result, which will result in miner block advantage halving from 12.5 BTC to six.25 BTC. To gloat 1 of the biggest crypto events of 2022, Cointelegraph is hosting a Bitcoin halving party on YouTube on May 11 at 10 a.g. ET. The event features major crypto figures including Bitcoin balderdash Tim Draper and early BTC adopter Roger Ver.

Use the link to join.