The long-awaited results of the European Central Bank’s research on the digital euro will be released “in the coming weeks”, said the president of the European Central Bank (ECB), Christine Lagarde, this Friday (11).
But that will not be the final word. The results, which detail the advantages and disadvantages of creating a central bank digital currency (CBDC) for use in retail across Europe, will be presented to the public for feedback.
The central bank’s digital currency is money issued by a country’s central bank in digital format. However, as no country currently issues a CBDC, the form it will actually take is still unknown. Hence the need to study them.
According to a January 2020 ECB working document, which provides a glimpse into the thinking of bank employees, a central bank could issue a decentralized digital token, similar to Bitcoin, but accepted everywhere. It could also simply create accounts for all households and businesses within the central bank itself, which would change the functions of commercial banks, but would not eliminate them.
Continue read: https://bitcoindynamic.com/news/european-central-bank-to-question-citizens-about-possible-digital-currency/
