- ECB insists on the need to adopt the digital euro
- It should empower EU financial sovereignty and sustainability
- ECB is currently finalizing the Digital Euro standard
The European Central Bank (ECB) is pushing for Digital Euro adoption and is already finalizing three years of work on the standard of its implementation and operation.
This comes in response to the same reliance on U.S. financial solutions and systems, which limits potentially more efficient initiatives in the financial sector.
Also, the ECB is concerned about the privacy of European citizens’ private data and sees the Digital Euro as an opportunity to strengthen EU financial security, resilience, and sovereignty.
Details About ECB Digital Euro Development
Work on the ECB Digital Euro has been underway for a long time, which is no secret, as we wrote about its prospects in a detailed report.
However, Piero Cipollone, executive committee member of the ECB, gave an update on the stage of the Digital Euro development, which started three years ago.
He shared that the ECB is now finalizing the rulebook, which should provide a clear set of rules and standards for the digital euro project:
“We are working closely with all the representatives in the Rulebook Development Group, including consumers, retailers, banks, and non-bank associations.”
He added that the ECB will soon be in the process of selecting partners to develop a digital euro platform and infrastructure.
What Are the ECB Digital Euro’s Stated Objectives?
In its X account, ECB gave an idea of the overall vector:
Cipollone also added comments clarifying that this vector is aimed at solving several problems caused by the dependence on international financial systems and solutions, for which the European Union has to pay restrictions in innovation and European citizens huge costs for using “international circuits of cards such as Visa or Mastercard.”
The vector is aimed at the whole economy of Europe, as well as at improving its financial sector:
“A digital euro would strengthen Europe’s financial sovereignty and resilience. It would empower Europe to independently develop and manage digital payment solutions.”
Vector aimed at usability and integration of local businesses and individuals:
“accessible to everyone across the euro area, via mobile app or physical card, so everyone can choose the technology they are most comfortable with, no matter how old or tech-savvy they are.”
Another central criterion, according to Cipollone’s statement, is the concern for the privacy of European citizens’ data:
“From the outset, ensuring user privacy has been a central focus of the digital euro project.”
Conclusion
Probably, the processes are going their way, and while some argue about whether CBDCs possibility – development is actively and consistently underway.
Yes, we can see different, almost opposite motives in these initiatives and impressive arguments for and against each position.
However, the regulatory nature of these initiatives can only be assessed after their implementation, and the only thing most people can do is stay focused.
As crypto enthusiasts and investors, we all know the alternative here is designed to preserve the independence and privacy of our transactions in case of negative scenarios.
Of course, crypto cannot be an absolute guarantee, as we also see these same institutions realizing the potential of the technology, and also seeking to harness it for purposes that are currently debatable for many.
