Talk about a possible digital version of the euro over the next two to four years have raised discussions throughout the industry, with one expert suggesting this could greatly liberalise the market in terms of lessening barriers for market entry and present more opportunities for accelerating growth.
“With the ever-increasing digitalisation transforming the modern world, the European Central Bank (ECB) has raised the idea of launching a digital euro, which would assume an electronic form of currency accessible to citizens and companies alike,” according to Marius Galdikas, CEO at ConnectPay, the online banking service provider for internet-based companies.
He explained that the ECB has been weighing the pros and cons of the digital version of the euro for a while now.
Galdikas said the idea is based on an insight that while there is an array of choices for retail payments, e.g. cash or payment cards, the market lacks a unifying digital currency, which could facilitate daily transactions, would be easy to use, and provide cost-free access to a reliable means of payment accepted throughout the entire eurozone.
“At the moment, digital euro seems to be bringing a plethora of benefits to the table, without waiving the inherent properties of cash,” he said.