ECB Officially Starts to Investigate Digital Euro — Development Could Begin i...
The European Central Bank (ECB) says it is “starting to investigate” a digital euro by launching a two-year investigation. ECB President Christine Lagarde believes the ECB should be ready to respond to people’s demands for digital currencies and come up with a European-based solution that “does not jeopardize the whole banking system.” Lagarde Unveils ECB’s Plans to Respond to Digital Currency Demand With Digital Euro The president of the European Central Bank (ECB), Christine Lagarde, talked about central bank digital currencies....
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The report is only the start of the discussion and raises more questions before officially studying the digital euro. The European Central Bank (ECB) could begin seriously considering and studying the digital euro by mid-2021, the bank said in a report released Oct. 2. The report examined how a digital euro may impact retail payments and how it can protect payments in the future. It also looks at how virtual currencies could fit within the landscape of the entire Eurosystem. However, it does not specify what model the ECB should take when and if it designs its digital currency. Based on....
Up to five banks or other payment services providers will be selected to participate without compensation in the development of the digital euro front end. Progress will continue on the development of the digital euro as the European Central Bank (ECB) and Eurosystem have begun looking for companies to participate in an exercise to prototype customer-facing payments services. Payment service providers, banks and other relevant companies were invited to express interest in the project in an announcement released Thursday.Eurosystem, which comprises the ECB and the national central banks of....
The European Union’s finance chief announced that a bill introducing a digital euro will be hitting tables in European parliament as early as 2023. The European Commission has announced that a bill for a digital euro will be proposed in 2023. As first reported by Politico, EC finance chief Mairead McGuinness officially disclosed the EU’s formal consideration of digital euro legislation at a fintech conference on Wednesday. "Our goal is to table legislation in early 2023,” the Commissioner for Financial Service said. “A targeted legislative consultation in the coming weeks."The European....
A group of economists evaluating the potential effects of a digital euro have insisted that restricting access to the upcoming currency is necessary to preserve the current financial system. Their study follows an earlier proposal to limit digital euro deposits at the European Central Bank (ECB) to €3,000 per person. Limited Availability of Digital Euro Expected to Prevent It From Becoming Too Popular Europeans’ access to a digital euro should be restricted to prevent a flight of capital from deposits at commercial banks, according to a report published by the European....
The president of the European Central Bank (ECB), Christine Lagarde, says that a digital euro will not replace cash but would complement it. “A digital euro would give you an additional choice about how to pay and make it easier to do so, contributing to accessibility and inclusion,” the ECB explained.
Digital Euro to Complement Cash
ECB President Christine Lagarde talked about the digital euro at the plenary session of the European Parliament Monday on the 20th anniversary of the introduction of euro banknotes and coins.
“Last year, we....