Future of Digital Euro ‘Not Clear Yet,’ Former Eurogroup Official Says

future of digital euro not clear yet former eurogroup official says

Sumary of Future of Digital Euro ‘Not Clear Yet,’ Former Eurogroup Official Says:

  • Europe’s digital currency project has made some progress recently, with the Eurozone’s central bank moving to its next stage.
  • Critics point, however, to the continuing lack of clarity around the design and purpose of the digital euro after a decade-long delay, if cryptocurrency is taken as a benchmark.
  • Digital Euro to ‘Feel Like a Prepaid Card of Sorts’ A week after the European Central Bank (ECB) decided to proceed with its plan to create a digital version of the euro, experts have voiced concerns about its unclear future.
  • Speaking to Euractiv, Coelho elaborated: For the moment the digital euro remains flagrantly ill-defined … it might well be the case that the first version of the digital euro will feel like a prepaid card of sorts and make little difference to our day-to-day lives, but it could change gradually.
  • What’s known so far is that the digital euro is supposed to represent euro notes and coins in electronic form.
  • Unlike present-day bank money, however, it will be stored directly in accounts issued by the ECB, and not at commercial banks.
  • ECB Losing Game to Cryptocurrencies and Stablecoins By default, the digital euro should be safer than the private sector banking system, Euractiv remarks, as a commercial bank could become insolvent, a remote but nevertheless real possibility.
  • “In the collective mind, the ECB is the ultimate guarantee,” Netinvestissement co-founder Karl Toussaint du Wast told the publication.

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