European Central Bank Floats Possibility of Decentralized Digital Euro

The European Central Bank (ECB) has asked the public to comment on the development of a digital euro, including the use of decentralization. 

According to a series of tweets published by ECB President Christine Lagarde, the E.U.’s central bank is looking for feedback on a digital euro. Lagarde said the bank was exploring the possibility of launching a digital form of the currency to keep pace with an increasingly digital world. 

The ECB president linked to an open survey on the development of the euro, which including a question that asked participants whether they would prefer a digital euro that did not need any intermediaries. 

In a subsequent video, Lagarde explained the survey was designed to allow consumers to express their preference for using a digital euro. 

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She said:

“Europeans can actually express their preference and tell us whether they would be happy to use a digital euro just in the way they use a euro coin or a euro banknote, knowing that it is central bank money that is available and that they can rely upon.”

She continued, saying the ECB was still in the “review and consideration” stage of digital currency development. 

The survey depicted two possibilities for a digital euro: one without the need for a central bank or intermediary to be involved in transactions, while the second portrayed a system that would “feel closer to cash payments, but in digital form.”

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