The European Central Bank has been carrying on analysis to assess the potential of the digital euro as a complement tool of payment while balancing the need to protect users' privacy and contrasting illegal activities.
The ECB announced the project in July 2021 to make the euro more competitive and in line with the new financial instances of rapid and secure transitions. It will enhance the euro's international role.
"Crucially, however, the ECB has no commercial interest in monetizing user data, so a digital euro would improve citizens' welfare by giving them the option to use a form of digital money that protects their privacy", said a member of the executive board of the ECB, Fabio Panetta, at the ECON Committee of the European Parliament.
The project will take at least five ...
