HomeCBDCDigital Euro UpdatesPrepare for the Launch of a Digital Euro

Prepare for the Launch of a Digital Euro

In a blog post by Fabio Panetta, Member of the Executive Board of the ECB, he discusses the increasing digitalization and its impact on various aspects of our lives. One area that is experiencing significant change is the way we pay for goods and services. Cash is no longer the dominant payment method, as more people are opting for cashless and contactless payments using tap-and-go cards, mobile apps, and smartwatches. This shift has led central banks to consider issuing digital currencies, including a digital euro in the euro area. The ECB has published a report assessing the economic, strategic, technological, and societal implications of a digital euro, and will launch a public consultation to gather feedback on the matter. The report concludes that the ECB should be prepared to issue a digital euro if necessary, and the coming months will be dedicated to listening, experimenting, and making an informed decision on its development and launch. The aim of a digital euro would be to preserve the benefits of the euro as a universally accepted, risk-free means of payment, while also addressing concerns such as the potential displacement of existing means of payment and the need to combat illegal activities. It would complement cash, promote financial inclusion, support the digitalization of the European economy, and enhance the global appeal and strength of Europe’s financial system. However, the introduction of a digital euro also poses challenges, such as privacy rights and economic implications, which need to be carefully addressed. The ECB is committed to listening to the public, learning about their needs and concerns, and involving stakeholders in the development of a digital euro. The goal is to ensure that the euro remains fit for the future and that inaction is not an option.

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