ECB Plan to Launch Digital Currency “if and when needed”
(05 October 2020 – Europe) The European Central Bank (ECB) have declared that Europe must prepare for the introduction of a proprietary digital currency “if and when needed” to complement cash payments.
A digital currency will be able to support the European economy in the event of a reduction in cash usage. It will also enable merchants to offer other forms of electric payments which will help maintain business cashflow throughout the pandemic. The ECB released the insightful “Report on a digital euro” analysis highlighting the express need for a digital euro central bank digital currency (CBDC) and what it would entail in terms of why the ECB would issue a digital euro, what the other benefits are and when it would be ready.
“We need to make sure that our currency is fit for the future. Inaction is not an option. We should be ready to issue a digital euro if and when developments around us make it necessary” commented ECB Executive Board Member, Fabio Panetta.
“The euro belongs to Europeans and our mission is to be its guardian. Europeans are increasingly turning to digital in the ways they spend, save and invest. Our role is to secure trust in money. This means making sure the euro is fit for the digital age. We should be prepared to issue a digital euro, should the need arise” stated ECB President, Christine Lagarde.
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