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The European Central Bank makes progress / The project for the digital euro, towards the final stage

2023-04-24 17:48:00, Ekonomi CNA
The European Central Bank makes progress / The project for the digital euro,
Illustrative photo

The European Central Bank has made progress in creating the digital euro and is now entering the final phase of this project.

The news was announced by Fabio Panetta, member of the Executive Board of the ECB, in the Committee on Economic and Monetary Affairs of the European Parliament.

In a press release, Panetta said the ECB's Governing Council recently approved a third set of design options for the digital euro plan.

"We are now entering the final phase of the investigation phase of the project. The Governing Council of the ECB recently approved a third set of project options for the digital euro, design options that we have also discussed in previous sessions", he said among other things.

The member of the Executive Board emphasized that the ECB has also focused on people's impressions and needs for the digital euro.

"Our work in recent months has not only been about investigating technical issues. We also held focus groups to hear from potential users of the digital euro and see their thoughts on what features a digital wallet should have. This will help us design a product that meets their needs. In a modern economy, the ability to pay digitally is a basic need for people.

With cash, central banks already offer a risk-free, widely accessible and easy-to-use means of payment that leaves no one behind. But the rapid digitization of our economies requires that we complement cash with its evolution in the digital sphere: a digital euro" , he emphasized.

The ECB sees the digital euro as a good opportunity for the future, as it thinks it would make payments easier and increase competition. The ECB also believes that it would help to make payments at a lower cost, with benefits for all citizens in the euro area./ CNA.al





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