The European Central Bank (ECB) offered some details on its stance on a Digital Euro via Twitter on October 2, and it appears that the bank is quite serious about its adoption.
- The ECB states that a Digital Euro could provide “a universally accepted, risk-free and trusted means of payment to complement cash”
- It also believes that it would help promote financial inclusion and encourage innovation in retail payments
- It lists the basic requirements for a Digital Euro as “robustness, safety, efficiency, privacy and compliance with the law”
- The official page suggests that a digital currency could cushion the blow from events like the pandemic
- ECB President Christine Lagarde said that “we should be prepared to issue a digital euro, should the need arise.”
- The Digital Euro is currently in the preparation phase, with work being carried out on the concept as well as practical experimentation on possible designs, and discussions with stakeholders and international partners