On Wednesday, July 13, the European Central Bank revealed its key objectives of the digital euro in a blog post that was co-written by the bank’s President Christine Lagarde and executive board member Fabio Panetta. An accompanying paper outlined some fundamental design considerations for a public-facing form of a digital version of the single currency used by the European Union.
Specifics of Digital Euro design still not known
The two said in the post that it is too soon to agree on the specifics of the design; nonetheless, the bank anticipates that the inquiry phase of the project will be completed in the fall of 2023. In June of 2021, the ECB launched the Digital Euro Project, and in October of the same year, it began a two-year inquiry phase into a retail Central Bank Digital Currency (CBDC). Since then, the European Commission, which is the EU’s executive branch and is responsible for proposing new laws, has said that it would introduce a digital version of the euro bill in the year 2023. Both Christine Lagarde and Panetta have said that the digital euro is not designed to be a type of investment but rather a method of payment. The officials also presented the case for a digital euro.
Some goals of the Digital Euro are clear
According to the research, even if it is too soon to describe the design components of a digital euro, some goals have become evident. The authorities said, “first, a digital euro must respond to the needs of its users,” they went on to say that, people place the most importance on widespread adoption, simplicity of use, cheap prices, fast speed, security, and protection for consumers. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
