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The European Central Bank (ECB) and individual banks in the euro area are considering the introduction of the digital euro. Although such a solution means completely new opportunities for Europe, it still raises many doubts.
Digital currency as an opportunity for Europe?
The prospect of introducing a digital euro raises many emotions, both positive and negative. Nevertheless, digitization has entered our lives permanently, even transforming the method of payment.
Such a solution certainly brings a number of benefits for citizens in many areas of their operation. It will allow you to bypass many bureaucratic processes that not only make life difficult, but also slow down the economy. For this to happen, paying with euro digital must become common practice. And here the stairs begin, as this issue still raises many doubts.
Europe does not intend to abandon traditional money
According to the position of the European Central Bank, the European digital currency is not yet able to replace traditional banknotes. However, it can become a safe alternative for them, which would be quickly reflected in retail payments.
Fabio Panetta, who sits on the ECB board, emphasizes that the digital euro is best suited to situations where traditional money does not work, while ensuring a high level of security.
The long process of introducing the digital euro
The work on the digital euro roll-out project, which started this summer, is entering the next stage. It will take no more than two years to verify all situations in which you will be able to make payments with it. Then, in cooperation with national banks and technology providers, the specific areas in which the digital currency will be used are to be analyzed.
The process of its implementation will therefore be quite time-consuming. Already now, however, ECB experts are able to list the most important benefits of its introduction, which are: ease of access, security and protection of privacy, efficiency and compliance with applicable legal regulations.
The digital euro would represent all member states, and its manager would be the European Central Bank. At this point, it should also be emphasized that it will not be classified as cryptocurrencywhich is still seen as quite unstable.
