The Digital Euro is considered an additional currency, as pointed out by the European Central Bank. On October 12, there was public consultation to analyze this digital currency. Due to the pandemic caused by COVID-19, the team responsible for this coin’s development has increased the pace, awaiting the consultation results.
The Central Bank of Europe (CBE) is in charge of the digital euro. By issuing the Central Bank Digital Currency (CBDC), the CBE might see the pandemic’s detrimental health and environmental factors reduce. It could even help with the malfunction of cash-based payment services.
At the beginning of October, Bloomberg’s reference stated that the Digital Euro was accepted as a registered trademark on September 22. The ECB was the registry author and made a study focused only on the digital euro. CBDC can offer benefits in the eurozone, especially in terms of strategic autonomy.
Is the Digital Euro a good option?
The public consultation indicates that the Digital Euro can function as a great option compared to the other digital payment options globally. Several organizations, businesses, NGOs, and citizens wish to participate in the next survey to be carried out this week.
The ECB requests that the most important characteristics of the digital currency be expressed first. The ECB is also interested in knowing the impediments to use the digital euro.
There will be two options:
- A digital currency without a central bank or third parties to process payments, or
- A digital currency that does require intermediaries.
For the respondents, there is also another option where they can comment on whether they want a digital currency at the time of making their payments. Using the Digital Euro would be online and served as support to the previously available services.
The survey seeks the participation of all public opinion and those who belong to the finance world. Financial inclusion is essential for this digital currency, and for now, the next results of the consultation are awaited.