March 4, 2021

EU to introduce Digital Euro to ensure monetary sovereignty

EU to introduce Digital Euro to ensure monetary sovereignty

The European Commission and the European Central Bank (ECB) have jointly issued a digital Euro. Both organizations confirmed that digital currency, if launched, will complement cash and "private sector payment solutions."

"Taking into account digitalization, rapid changes in the payment environment and the emergence of crypto assets, the ECB is exploring the possibility of issuing a digital euro", - said in an official statement.

ECB will consider launch of the digital euro project by mid-2021, after the completion of public consultation. They ended on January 12 this year, and more than 8,000 responses were received during the online survey.

Fabio Panetta, ECB Executive Board Member and Chair of the Digital Euro Task Force, commented on the results:

“The survey showed great interest from citizens and companiesEurope towards the formation of the digital euro concept. The views of citizens, businesses and all stakeholders are of paramount importance to us. We are currently evaluating which options for using the digital euro would be best. ”

In addition, the ECB and the European Commission saidthat they are studying the potential problems that may arise from the possible introduction of the digital euro. The CBDC release has technical, political and legal aspects that are important to consider.

ECB President Christine Lagarde has always considereddigital euro in a positive way, calling such currencies unique. In her opinion, the issue of the digital euro may become a necessity to "ensure monetary sovereignty" in the region.

EU to introduce Digital Euro to ensure monetary sovereignty

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