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October 31, 2020
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European Central Bank (ECB) launches public consultation on the digital euro

The European Central Bank (ECB) launched a formal public consultation on the digital euro.

According to the European Central Bank, the digital euro would be an electronic form of central bank money accessible to all citizens and businesses to make daily payments quickly, easily and securely.

A Eurosystem task force of experts from the ECB and 19 central banks has already identified possible scenarios that would require the issue of the digital euro, but the final decision on the issue has not yet been made.

However, as the bank’s president said, Christine Lagarde, Europeans are increasingly using digital payments, and the central bank’s job is to ensure that the euro is fit for this new digital age.

That’s why she said:

“We must be prepared to issue a digital euro, if necessary”.

Even ECB Executive Committee member and task force chairman Fabio Panetta said that technology and innovation are changing the way we live and that a digital euro would support Europe’s momentum for innovation, reinforcing the international role of European currency.

That is why the ECB is investigating the real needs of European citizens in this regard, so much so that it has launched a public consultation on the subject and a technical experiment that will take place in parallel.

Bank questionnaire on the digital euro

THE quiz it is open to everyone, it is quite complex and contains many questions, some of them of a technical nature. Obviously, this is an attempt to obtain a lot of information from a well-informed public, to the point that it is probably not very suitable for ordinary people.

In fact, it appears to be a questionnaire dedicated more to specialists in the financial sector or to organizations involved in representing citizens than to citizens themselves.

On the other hand, the subject is actually much more complex than it might appear to a superficial analysis, so responses from people who are not sufficiently prepared can also run the risk of having a misleading effect.

In other words, the European Central Bank seems to take the digital euro very seriously, so much so that it gives the impression that it wants to approach the subject in a very structured, thoughtful and in-depth way.

In light of all of this, it seems that the chances of seeing a fully digital version of the euro on the market in the coming months or years are increasing.

Source: cryptonomist

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