Markets news | ECB to launch digital euro pilot project

The research phase of the digital euro project will last 24 months

Design should be based on preferenceusers and technical advice from sellers and resellers

No technical obstacles were identified during the preliminary experiments.

 

The Governing Council of the European Central Bank (ECB) has approved a pilot project to develop a digital euro.

ECB President Christine Lagarde:

It's been nine months since wepublished our report on the digital euro. During this period, we conducted further analysis, studied the opinions of citizens and professionals, and also received encouraging results from several experiments.

All this led us to the decision to move to a higher level and launch a digital euro project

Our work is focused on ensuring that, in the digital age, citizens and businesses continue to have access to the safest form of money, central bank money.

At the first stage, options will be considereduses that the digital euro must prioritize to achieve its goals: a risk-free, affordable and efficient form of central bank digital money.

In the final phase, an assessment of the possiblethe impact of the digital euro on the market, design options have been identified to ensure privacy and prevent risks for eurozone citizens, intermediaries and the economy as a whole. It will also define a business model for controlled intermediaries within the euro digital ecosystem.

The final decision on a possible digital euro issue will be made later. However, in any case, digital currency should complement cash, not replace it, the financial regulator assured.

Eurosystem launches digital euro project (europa.eu)
The ECB approved a pilot project to create a digital euro (fomag.ru)