The European Union has taken a significant step towards creating its own central bank digital currency (CBDC), with the European Central Bank (ECB) announcing its intention to develop a digital euro that shares similarities with Bitcoin.
This digital euro will be widely accessible, free for basic transactions and can be used both online and offline.
It is expected to facilitate instant payments and be used in a variety of transactions, from retail purchases to government transactions.
The ECB ensures that its digital euro will offer the highest level of privacy to users. Issuers of the currency will not have access to consumers' personal data nor will they be able to link payment information.
This privacy promise is consistent with the recommendations of the Eurozone Finance Ministers, who emphasized the importance of preserving user privacy for the success of the CBDC.
Christine Lagarde, president of the ECB, explains that the digital euro is preparation for the future, a digital cash that will be used for all digital payments free of charge and with high privacy standards. This approach is essential to stay up-to-date in an increasingly digitalized world.
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