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26 October 2020

European Central Bank seeks public input on digital euro

European Central Bank seeks public input on digital euro


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Developments on the central bank digital currency front in the Eurozone have picked up pace amid the COVID-19 pandemic, and the central bank has framed its introduction to the public consultation with the claim that the issuance of a CBDC could help "cushion the impact of extreme events — such as natural disasters or pandemics — when traditional payment services may no longer function." .

As had been outlined in the report, another key benefit of a future CBDC would be providing the Eurozone with "strategic autonomy." The introduction to the public consultation argues that a digital euro would offer an alternative to "foreign digital means of payment, which might undermine financial stability and monetary sovereignty in the euro area." .

A last choice is presented to respondents, between a digital euro that would not need a central bank or intermediary to process every single payment, and a digital euro that would require intermediaries to record transactions. 

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