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Timeline. FAQs. Publications. Dive deeper. Podcast. A digital euro would be a digital form of cash, issued by the central bank and available to everyone in the euro area. We are working with the national central banks of the euro area to look into the possible issuance of a digital euro.
- Report on a Digital Euro
On 2 October 2020 the ECB published a report on a digital...
- Digital euro scheme rulebook
The digital euro rulebook will cover the: functional and...
- Digital euro package
Description. The European Commission is putting forward two...
- English
2 October 2020. Publication of Eurosystem High-Level Task...
- Report on a Digital Euro
- Disruptive Transformation
- Designing Digital Public Money
- Privacy
- Legal Tender Status
- Conclusion
But this reliable model for payments is now undergoing a potentially disruptive transformation, led by three developments. First, people are increasingly paying digitally instead of using cash. Almost half of euro area consumers say they prefer to pay with cashless means of payments, such as cards. We will continue to provide cash, but if it is use...
By designing digital public money we can get ahead of these developments and ensure that confidence in the monetary system is maintained and innovation is nurtured. Issuing a digital euro would indeed safeguard people’s confidence that “one euro is one euro”, allowing them to convert private digital money at par into digital central bank money. It ...
The first one is privacy. In our public consultation, 43% of respondents ranked privacy as the most important aspect of the digital euro, well ahead of other features. So it is clear that if we want the digital euro to be attractive, it needs to be designed in a way that meets people's privacy expectations. We seek to ensure high standards of priva...
The second aspect is the legal tender status. Although an acceptance obligation has to be weighed against principles such as contractual freedom and competition, we should bear in mind that it is a constitutional feature of cash - as central bank money - to be legal tender. And it would be unprecedented to issue central bank money for retail paymen...
Let me conclude. The digital euro is more than just a Eurosystem initiative, it is a common European project. It would allow us to ensure that money and payments remain trusted, secure and efficient in a rapidly changing digital environment. And by doing so, the digital euro would essentially serve wider public policy objectives, such as strengthen...
A digital euro would be an electronic means of payment. It would be a digital version of cash, available to the general public and backed by the European Central Bank (ECB) the same way your physical banknotes and coins are. You could use it anywhere that you already use physical euro cash.