The European Central Bank (ECB) has published its report on “Digital Euro”. ECB, in the report, Digital Euro; expressed that it will contribute to financial sovereignty.
Bora Erdamar, one of the well-known names of the local cryptocurrency community, shared an important point about the report. The sentences in the report and shared by Erdamar are as follows:
“The digital euro will support Europe’s progress towards innovation. It will contribute to its financial sovereignty and strengthen the international role of the euro. ”
Payment Habits Are Changing
The report states that a significant part of Eurosystem’s * mission is to provide citizens with risk-free money to pay. Eurosystem has been providing euro banknotes for nearly two decades. While cash is still the most common form of payment, new technologies and increased demand from consumers are changing the payment habits of European citizens. This is evident in the increasing role of fast electronic payments.
Important points in the report are as follows:
The ECB’s Governing Council has decided to further work on the possible issuance of a digital euro to ensure that consumers continue to have unlimited access to central bank money to meet their needs in the digital age: an electronic form of central bank money.
A digital euro will create synergies with custom payment solutions and contribute to a more innovative, competitive and flexible European payment system. Serving as a unifying force in Europe’s digital economies, a digital euro will be an emblem of the ongoing European integration process.
It is too early to commit to a particular digital Euro design. However, it is clear that any design type must meet the set of principles and requirements described in this report – including accessibility, robustness, security, efficiency, and privacy – while complying with relevant legislation.
Issuing a digital euro will apply to almost everything Eurosystem does and will have widespread effects on society as a whole. This report will therefore form the basis for dialogue with citizens and other external stakeholders. It will serve as a starting point where we encourage everyone to participate. And we will discuss with the European Parliament and other European institutions and authorities the operational and legal framework required to create a digital euro. At the same time, it is necessary to experiment on the practical aspects of a digital euro to examine the strengths and weaknesses of the different options.