May 25, 2023
The European Central Bank (ECB) is actively creating a proposed design for a digital version of the currency. The move is in reaction to the growing technological landscape and its potential to revolutionize the way money is used in the coming decades.
The ECB’s President, Christine Lagarde, emphasizes the possibility of a digital euro to give citizens with the ability to make transactions autonomously, eliminating dependency on payment service providers owned by non-European organizations. Major companies such as Mastercard, Visa, Apple Pay, and Google Pay might be included.
The European Union’s executive Commission is expected to announce new laws on the idea in the next weeks, while the European Central Bank (ECB) will issue a complete proposal describing the architecture of the digital currency in October.
The ECB is working closely with the central banks of the United States, the United Kingdom, Switzerland, Canada, Japan, and Sweden to guarantee interoperability between the digital euro and other central bank digital currencies. These talks serve as a forum for exchanging progress reports, but more work is required. However, achieving interoperability may be difficult due to varying national secrecy requirements.
The sources for this piece include an article in APNews.
