The investigation phase will last 24 months
The ECB decided to start the exploration phase of a eurozone central bank digital currency (CBDC), which will last 24 months, an announcement Wednesday said. According to the press release, the phase is designed to address critical issues regarding design and distribution. This means ensuring privacy and avoiding risks for euro area citizens.A CBDC has been a topic of discussion for the ECB from the beginning of this year. In March, ECB President Christine Lagarde explained that the launch could take four years. The ECB suggested that an architecture "combining centralized and decentralized elements is possible."
What is a digital euro?
The digital euro would still be a euro, just like the banknotes Europeans use now, but digital. It would be an electronic form of money issued by the Eurosystem ( ECB and the national central banks). The ECB claims that its currency is inherently safer than any other private sector currency because the ECB cannot run out of euros.The ECB is creating the digital euro because it doesn't want t to leave digital payments to the private sector. Especially if the use of physical cash starts to decline. One of the reasons the ECB is concerned about this is that the major payment services used in the eurozone.. Such as Visa and Mastercard Come from outside the continent. Right now, private companies process transactions data.
The ECB won't allow citizens to create a bank account at the ECB. It will leave this process up to fintech companies and banks entitled to offer digital euro wallets to customers on its behalf.
China has already managed to create a Digital Yuan
China is leading the race of the creation of a CBDC and has begun the trial of its Digital Yuan. Subway passengers with Industrial and Commercial Bank of China's (ICBC) mobile app could use the digital yuan to pay their fares last month.Other countries, such as South Korea and Norway, have stated that they have moved from exploration to testing in recent months. The Bank of England's FinTech Director Tom Mutton was also very ambitious. He said in a speech that a CBDC could be "tens of thousands of times more efficient per transaction" than Bitcoin.
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