Golden Observation丨Digital Euro comprehensive report released: ready for issuance

Golden Finance Blockchain October 2 News The European Central Bank (ECB) released a comprehensive report on the digital euro, which stated that the European Central Bank will prepare for the issuance of digital currency when needed.

The 50-page report, prepared by the European Central Bank's high-level digital currency working group and now approved by the council, specifically mentions that the digital euro will be a supplement to cash, not a substitute for it. However, the European Central Bank emphasized that it still has not made a decision on whether to issue a digital currency at this stage, but it will be ready to issue a digital euro when necessary. This attitude is actually similar to the attitude of the European Central Bank’s management committee, Hernandez Decos, at the end of September. He believes that although digital currencies are not expected to be issued in the near future, the euro system has a strong interest in responding to possible challenges in the future.

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In fact, the European Central Bank has identified four situations in which a digital currency may be required, namely:

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1. Increased demand for electronic payments;

2. A "significant" decline in cash usage;

3. The introduction of global privacy payment methods and being "widely used";

4. The central banks of other overseas countries issue central bank digital currencies.

European Central Bank President Christine Lagarde said more and more Europeans are turning to digital solutions to spend, save and invest, so she said:

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"This means that we need to ensure that the euro is suitable for the development of the digital age, and the ECB should be ready to issue a digital euro immediately if necessary."

Christine Lagarde's statement was also supported by ECB Governing Council Villeroy, who said the ECB would not lag behind in digital currencies. In addition, Christine Lagarde also emphasized that the digital euro can only complement rather than replace traditional cash, she further explained:

"The ECB is exploring the benefits, risks and operational challenges of introducing a digital euro, which could complement rather than replace cash, provide an alternative to private digital currencies and ensure that sovereign currencies remain at the heart of the European payment system. "

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The European Central Bank stated that the digital euro will be an electronic central bank currency that can be used by all citizens and businesses, and will also improve people's payment experience. But while Europe's dominance by foreign payment service providers is not necessarily worrisome, the "changing global environment" and "increase in protectionist policies" pose new risks of transaction disruption. The ECB therefore wants to ensure that citizens of the region have the right to choose and cannot be excluded from the payments ecosystem due to unilateral actions by others.

Digital Euro, Centralized or Decentralized?

Regarding the technical approach to the digital euro, the ECB stated:

“A digital euro can either be centralized, where all transactions will be recorded in the central bank’s ledger, or the responsibility can be delegated to users and/or regulated intermediaries, but even if a decentralized approach is chosen, the back-end infrastructure will ultimately It should also be controlled by the European Central Bank."

Earlier, Thomas Moser, vice chairman of the Swiss National Bank, and Martin Diehl of the Deutsche Bundesbank also discussed central bank digital currency at the "European Blockchain Convention Virtual 2020 Conference". They all seem to believe that the central bank's digital currency, including the proposed "digital renminbi" issued by the People's Bank of China, does not need to use blockchain technology. Thomas Moser stated that blockchain can play the role of a "trusted party" when the project has no centralized participants, and this is also the main use case of blockchain technology. The executive stated:

"Bitcoin, for example, I think is a good use case for blockchain technology. But in the case of central bank digital currency, the central bank provides "trust", so when the central bank steps in, blockchain technology is not used It's necessary."

Fabio Panetta, ECB executive board member and head of the central bank’s digital currency working group, further explained:

"The need for a digital euro is a fundamental and urgent question, which the ECB and the national central banks of the euro zone are considering together,"

Still, the ECB seems confident as they believe the challenges of creating a digital currency can be overcome.

"A digital euro will preserve the public good that the euro provides to citizens, namely: free access to simple, universally accepted, risk-free and trustworthy means of payment. But at the same time, a digital euro will also present challenges, so follow the digital currency With appropriate strategies in design, the euro and the Eurosystem can address these issues."

The European Central Bank will conduct a public consultation on the report on October 12, after which it will start relevant preparations at the same time without affecting the final decision. It is worth mentioning that the European Central Bank has applied the term "digital euro" to its trademark while assessing the benefits and challenges of a digital euro.

Part of this article is compiled from The Block

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