The European Central Bank (ECB) has announced its plans to develop a central bank digital currency (CBDC) for the eurozone. ECB President Christine Lagarde stated on Twitter that they are preparing the currency for the future, although a final decision on issuing a digital euro has not been made yet. The digital euro is designed to function as a digital form of cash that can be used for all digital payments, alongside physical cash. The ECB has completed a two-year investigation phase and will now enter a two-year preparation phase to build the necessary infrastructure and finalize the design. This phase will involve selecting technology providers, testing different options, and engaging with the public and stakeholders. The ECB’s Governing Council will decide whether to officially issue a digital euro after the preparation phase. The digital euro aims to offer a high level of privacy and enable offline transactions, distinguishing it from existing digital payment options. The ECB emphasizes that the digital euro will not replace physical cash but rather complement it, ensuring that the euro is prepared for the future as digital payments become more prevalent. The central bank will continue to collaborate with European Union policymakers as it progresses to the next phase of CBDC development.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Christine Lagarde |
| Companies | European Union, European Central Bank (ECB) |
| Currencies | Euro |
| Securities | None |
