untitled design

ECB and European Commission will jointly study possible problems of the digital euro

The European Commission and the European Central Bank (ECB) will jointly explore potential challenges associated with the digital euro. The decision to release it will be made by the ECB this summer.

According to a joint statement by the ECB and the European Commission, the bank is exploring the possibility of issuing a digital euro as a complement to cash and payment solutions offered by the private sector. The ECB must decide on the possibility of issuing a digital euro in mid-2021.

“Such a project will provide answers to key design and technical questions, as well as provide the ECB with the necessary tools to be ready to issue the digital euro, if such a decision is made,” the statement said.

The ECB closed public consultations on its plans for the digital euro on January 12, EURACTIV reports. According to the comments received, the privacy of the state cryptocurrency is the main issue that worries 41% of respondents.

The institutions will consider “political, legal and technical issues arising from the possible introduction of the digital euro”. European Commission officials from Financial Services, Economics and Digital Technology will be involved in a new working group with the ECB through cooperation.

Recall that earlier the President of the European Central Bank Christine Lagarde said that, in her opinion, the EU monetary authorities could issue a digital euro in the next two to four years.

Telegram channel!

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights

 

Most popular