On the 14th, the European Central bank( ECB) officially announced the launching of the digital euro programme. Located on the analysis and experimentation of the past nine months, it will accelerate the confirmation of development projects. The next two-year investigation phase will be carried out.
What has the European Central Bank done in the past nine months?
Christine Lagarde, President of the European Central Bank, said :
“It has been nine months since we secreted the report on the digital euro. During the period, we conducted further analysis, solicited minds from citizens and professionals, and conducted some ventures, and achieved spurring ensues. All this motivated us to speed up the launch of the digital euro project.”
In the past nine months, the European Central bank stated that it is currently conducting ventures in four fields: “digital euro ledger”, “privacy and anti-money laundering”, “digital euro circulation restrictions”, and “offline use by “users ” and device inclusiveness”. The judgment is: no technological obstacles to the design have been found.
Among them, the Pan-European real-time full automatic clearing organization( Target )’ s instant fee accommodation( TIPS) and blockchain and two alternatives have been proven to be able to handle more than 40,000 transactions per second. Ventures have also proved that it is possible to combine centralization and decentralization elements.
In addition, beings have nothing to worry about power consumption. The European Central Bank likewise stated that the digital euro will be very environmentally friendly, and the energy consumption is negligible compared with Bitcoin and other cryptocurrencies.
What will the European Central bank do in the next two years?
The European Central Bank used to say that the two-year investigation season is aimed at solving layout and distribution issues. It must meet the needs of Europeans, avoid illegal undertakings, and ensure that it does not adversely affect financial stability and monetary policy. Has set up a market advisory group, and invited the euro retail payment committee to assist in the investigation.
In any case, the European Central bank stated that this plan does not certainly mean that a few euros will be put in place, but that it will make a decision based on it. Moreover, the role of the digital euro is not to receive cash, but to supplement it.
