The digital euro could debut in 2021

The European Central Bank (ECB) is said to be starting to seriously consider and study the digital euro, which is likely to be introduced next year.

According to some recent reports, the ECB says it has examined how a digital euro can be applied to the retail payment system and how it can meet the criteria. future payment security.

In addition, the ECB has also looked at other cryptocurrencies, considering whether there are any that would fit the context of the entire European payment system.

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However, it all seems inappropriate, and now is the time for the ECB to embark on the development of its own cryptocurrency.

According to a recent report, the ECB could soon start a crypto development program. Specifically, in 2021 will conduct the research phase to develop the digital euro and launch experimental steps.

It is noted in the report that the digital euro offers more access to finance:

“The development of the digital euro will bring many advantages and the rapid changes in the retail payment system imply that the Eurosystem needs to be equipped to issue the digital euro in the future. The digital euro could support Eurosystem's goals by providing citizens with access to a secure and fast form of payment in the rapidly changing digital world. With the digital euro, the European payment system will not be out of date .. "

The ECB said there are several requirements that the digital euro must fulfill if it is issued.

First it has to keep up with the future technology trend, second, it has to be suitable with special features of cash, easy for everyone to use, free and absolute security.

For the ECB, the digital euro must be designed to avoid being used as an investment vehicle, or even considered a cryptocurrency or a stablecoin.

And most importantly, since it is mainly used as a form of payment, "the digital euro must avoid price volatility".

Currently, the ECB wants stakeholders to actively discuss the digital euro and although it has not yet been set a specific date, ECB President Christine Lagarde has voiced support.