Amid the rapid digitalization of our lives accelerated by the current pandemic, the European Central Bank (ECB) in cooperation with the European Commission is contemplating the introduction of the digital Euro. They are jointly reviewing a broad range of policy, legal and technical questions that are necessary for the introduction of the digital Euro, as well as their respective mandates and independences provided for in the Treaties.
The digital euro would not be a cryptocurrency. A digital euro would combine the efficiency of a digital payment instrument with the safety of central bank money. In the words of the ECB, it would still be euro, a digital version of banknotes complementing and not replacing cash payments.
See the ECB's Report on a digital euro for more details.
The decision on the introduction of the digital euro will be announced later this year.
