After months of deliberation, the European Central Bank has decided to proceed with a digital euro project. Officials insist the new version of Europe’s common currency should “ensure privacy” and provide access to “the safest form of money” at a “negligible” cost to the environment, in comparison with bitcoin.
Eurosystem Initiates Digital Euro Project
The Governing Council of the European Central Bank (ECB) took a long-awaited decision on Wednesday to launch the ‘investigation phase’ of a project to issue a central bank digital currency (CBDC). The stage will continue for two years during which key aspects of the design of the digital euro and questions regarding its distribution will be addressed. In any case, it will not replace cash and a final decision on its issuance is yet to come.
ECB President Christine Lagarde
“It has been nine months since we published our report on a digital euro. In that time, we have carried out further analysis, sought