Cooperation with the European Commission will allow the ECB to answer key technical questions related to the emission of the digital euro.
The European Commission and the European Central Bank (ECB) will join forces to examine the potential problems that the digital euro launch could cause. In a joint statement from regulators it is said that specialists will consider “a wide range of political, legal and technical issues.”
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- According to the statement, regulators will cooperate on “exploring the possible emission of the digital euro as a complement to cash and other payment solutions provided by the private sector.”
- According to the organizations, the cooperation will allow the ECB to answer key technical questions, as well as “prepare for the release of the digital euro, if a decision is made.”
- On January 12, the ECB completed a public opinion gathering regarding the central bank’s digital currency (CBDC) emission plans. 41% of respondents expressed concern about the “privacy of payments” with the digital euro.
- The final decision on the launch of the digital euro is to be made by the ECB in the summer of 2021. The regulator is already conducting an experiment aimed at testing the instrument under various conditions. A task force, which includes experts from the ECB and 19 national central banks of the European Union, is studying this issue.
Earlier, ECB President Christine Lagarde said that European monetary authorities could move to the launch of CBDC within the next two to four years. Regulators have yet to decide on the underlying technology, as well as work out issues related to the fight against money laundering and terrorist financing.