European Commission, ECB Unite to Consider Potential Pitfalls of the Digital Euro

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The European Commission as well as the European Central Bank (ECB) are collaborating to consider potential problems that can emerge from the digital euro prior to a choice is made to begin the digital money’s growth this summertime.

The 2 EU organizations currently intend to coordinate on “exploring the possibility of issuing a digital euro, as a complement to cash and payment solutions supplied by the private sector,” according to a joint statement from the ECB as well as the European Commission on Tuesday.

The ECB is to determine whether to collection the task moving a long time in mid-2021, they stated.

“Such a project would answer key design and technical questions and provide the ECB with the necessary tools to stand ready to issue a digital euro if such a decision is taken,” the joint declaration reviews.

As reported by EU policy-focused information solution EURACTIV on Wednesday, the ECB shut the public examination on its prepare for the digital euro onJan 12, which discovered personal privacy was a main problem amongst 41% of participants.

Both organizations will certainly consider the “policy, legal and technical questions emerging from a possible introduction of a digital euro,” they stated in the joint declaration.

EURACTIV stated it “understands” staff members from the European Commission consisting of Financial Services, Economy, as well as Digital Affairs, will certainly currently be attracted right into a brand-new functioning team with the ECB for the partnership.

ECB President Christine Lagarde stated previously this month she anticipates the digital euro to launch in no greater than 5 years.