Friday, 19 August 2022
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European Central Bank inches closer to ‘digital euro’

The European Central Bank (ECB) moved closer to a “digital euro” with the launch of a pilot project. But questions remain about possible problems and advantages for eurozone citizens. This fact comes as the coronavirus epidemic has accelerated a shift away from cash.

The move comes as the coronavirus pandemic has speed up a shift away from cash. As the central bankers around the world shyly track the rise of private cryptocurrencies like bitcoin. The digital euro, sometimes dubbed “e-euro”, would be an electronic kind of euro notes and coins.

It would be for the first time allow individuals and companies to have deposits directly with the European Central Bank (ECB). This could be safer than with commercial banks, which can go bust. The European Central Bank (ECB) has committed that any following digital euro would be “a fast, easy and secure way” to make disbursements. The service will free and users can make payments through card or smartphone applications.

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