ECB Issues New Research for Digital Euro
The European Central Bank issued a new research report for ECB’s plans to issue a digital version of Euro in the mid-2021 in circulation for pilot testing.
The research focuses on how a digital version of the Euro will affect payments at the retail level and how it will adopt in the Eurozone ecosystem. It also highlights in many points that a digital Euro will bring more freedom to more people and easier access in the banking system as no physical presence is required for transactions.
Several issues like the continuous surge of new technologies and their compatibility in the new payments system but continuing to claim cash’s characteristics (easy to use, free access, privacy) have emerged and covered by technical staff in ECB and the results will become public in the next period.
In any case, such a move is expecting to be a complementary solution in the current system and not a replacement solution.