the European Commission and the European Central Bank will decide their future by mid-2021

In October 2020 the European Central Bank made it known the first clues about the creation of a digital euro. A digital euro that does not replace the current one but rather complements cash. The project, although it seemed somewhat abandoned in recent months, is still ongoing. They will study together with the European Commission what could be the weak points and will make a decision by the middle of this year.

According to a official announcement, the European Commission and the European Central Bank have come together to consider the possible problems that could arise from the implementation of a digital euro. With this they seek have all the ropes tied up before a coin development process begins digital this coming summer 2021.

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The cooperation between the two entities is to review “jointly at the technical level a wide range of political, legal and technical issues that arise from a possible introduction of a digital euro.” Create a digital currency it is not an easy task, even less if it involves all 19 countries who currently use the Euro as their currency.

The idea of ​​the European Central Bank is power have a basis on which to decide if it is worth it and how to create a digital euro. While it could simply be an analog of the euro in cash, the truth is that there are extra factors that involve digitization to take into account. For example, the privacy of users at the time that a digital currency must automatically be associated with someone or more “mundane” things such as the fact that not everyone has access to the Internet and digital devices to use digital currencies.

A digital euro in “no more than five years”

Last week precisely the president of the European Central Bank, Christine Lagarde, made a series of statements about when we might see this digital euro and what to watch out for. The process, as you see it, it’s going to take a long time, although he hopes no more than five years.

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The European Central Bank rrecently conducted a public survey to see what the interest and opinion is of citizens about a digital euro. They indicate that there is definitely a need and a demand for a digital euro. However, aspects such as privacy or security of the currency must be taken into account to prevent its hacking among other things.

Meanwhile, in the other part of the world, China is already testing its digital currency in a test pilot program. And it’s not bad at all, in one of the countries where mobile payments are most widely implemented. Situations such as the current pandemic have also caused the use of coins and digital payments is promoted in Europe.

Via | Euractiv
More information | European Commission and ECB


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