A few years have passed since the incident European Central Bank (BCE) aims to create a digital Euro. Virtual currency after all competing with cryptocurrencies By offering this opportunity to every European citizenuse dematerialized money In EU countries. As you can imagine, it is not possible to complete a project of this size in the blink of an eye. The preliminary study phase lasted two years and has just ended. The rest continues.
ECB announced start of the preparatory phase on 1 November 2023. “This will include completing the draft rulebook for the digital euro and selecting vendors that can design platforms and infrastructure for the digital euro,” he explains. The results of the previous phase allowed the institution to design “a digital euro that will be widely accessible to individuals and businesses and distributed by regulated intermediaries such as banks.”
The Digital Euro project bears fruit and enters the preparation phase
During at least two yearsECB will carry out various studies tests and experiments to precisely define the contours of the future virtual currency. In fact, it “must meet both the requirements of the Eurosystem and the needs of users in terms of user experience, privacy, financial inclusion and environmental footprint”. It is only after the results are announced that the Governing Council decides to initiate the second phase of the preparatory phase. Therefore the arrival of the digital Euro is not guaranteed.
However, European Central Bank President Christine Lagarde reminds us that “we must prepare our currency for the future.” He envisions the Digital Euro as “a digital form of cash that can be used free of charge for all digital payments and will guarantee the highest level of privacy.” Reassurance to those who resist, the former Minister of Economy notes: “It will co-exist with cash, which will always be available to leave no one behind.”
Source : European Central Bank
