The European Commission has released a joint announcement with the European Central Bank regarding the issuance of the digital euro. Both institutions have verified the fact that digital currency, if ever released, will complement cash and “payment solutions, provided by the private enterprises”.
The ECB will mull over the launch of the digital euro initiative by mid-2021, after the close of the public consultations. They were concluded on January 12 of this year. During the online assessment, more than 8000 responses were received.
Representative of the Executive Council of the ECB and head of the focus group on the digital euro Fabio Panetta brought out the following results:
“The assessment demonstrated a great interest by the citizens and companies of Europe for the development of the model of the digital euro. The ideas of citizens, businesses, and all concerned parties are of crucial significance to us. Today we evaluate which options for applying the digital euro will suit the best.”
Furthermore, the ECB and the Commission have announced that they are studying potential challenges that may arise as the result of the possible implementation of digital data. The issuance of CBDC has technological, political, and legislative concerns that are important to contemplate.
The governor of the ECB, Christine Lagarde, has always viewed the digital euro in a positive way, calling analogical currencies exceptional. In her view, the release of a digital euro may come to be indispensable for the “safeguarding of financial superiority” and European competitiveness in the world.
