ECB is looking to design a digital euro more energy-efficient than Bitcoin

ECB is looking to design a digital euro more energy-efficient than Bitcoin


The European Central Bank, or ECB, joins the growing club of crypto-friendly financial institutions as it announces the decision “to launch a project to prepare for possibly issuing a digital euro.” The ECB’s official tweet noted:

“We will look at how a digital euro could be designed and distributed to everyone in the euro area.”

According to a press release on July 14, the ECB’s governing council has launched the investigation phase of a digital euro project. This phase is planned to last for two years, during which time Eurogroup will design a digital currency focused on “users’ preferences and technical advice by merchants and intermediaries.”

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Sharing more insights, the ECB’s official statement also highlighted their success in identifying the various ways to protect it’s user’s privacy, in tune with the nation’s GDPR requirements. They added:

“It has also shown that the energy needs of the infrastructure would be negligible compared with the energy consumption and environmental footprint of crypto-assets, such as bitcoin (BTC).”

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