Almost two years after a study on providing a single currency in an electronic format, the European Central Bank is moving towards the implementation of the digital euro. The ECB has published a draft of the future legislative framework for digital currency. A decision on this matter will be made only in October, but it is very likely that we will have a digital euro no earlier than 2026.
“The use of cash for payments is declining worldwide, including in Europe. As we move towards a truly digital economy, adapting cash to the digital realities of our time is a natural next step. Having both cash and digital euro options will mean that everyone will be able to choose how to pay and no one will be left behind in the process of digitizing payments,” explained Fabio Panetta, Member of the ECB Board, and Vladis Dombrovskis, Vice President. executive director of the European Commission, in a joint article published on the ECB’s website.
The digital euro will not be a competitor to bitcoin. The two are not equivalent and will never operate under the same rules. But digital currency is also not the equivalent of online payments. Although we think we already have this option, the emergence of digital currencies will still change the way money circulates.
Read more at Panorama.ro.
Source: Hot News
Lori Barajas is an accomplished journalist, known for her insightful and thought-provoking writing on economy. She currently works as a writer at 247 news reel. With a passion for understanding the economy, Lori’s writing delves deep into the financial issues that matter most, providing readers with a unique perspective on current events.