ECB starts preparation for digital euro in multi-year project
© Reuters. FILE PHOTO: An expert at the Kosovo Forensic Agency inspects fake 2 euro coins, in Pristina, Kosovo, September 19, 2023. REUTERS/Laura Hasani/File photo
"After two years, the Governing Council will decide whether to move to the next stage of preparations, to pave the way for the possible future issuance and roll-out of a digital euro," the ECB said. But the Fed, the Bank of England and the Bank of Canada, have all been more cautious on such projects. "So far, the ECB has not been able to clearly communicate the added value of the digital euro," said Markus Ferber, a German member of the European parliament for the conservative European People's Party.
To assuage concerns about a hollowing out of commercial banks, the ECB has said it would set a cap on how many digital euros any individual may own, likely in the region of 3,000 euros. The digital euro will distributed by the ECB as well as commercial banks and digital wallet providers. It will only be available to residents of the euro area and its citizens abroad, which addresses concerns about mass adoption in countries where the local currency is weak.
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