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July 11, 2022

Digital Euro Roadmap Will Soon Be Finalized

The Digital Euro will be the subject of an ECB-hosted online technical discussion next week. European Central Bank (ECB) officials are considering a privacy-focused digital euro design during this week’s event.

The European Central Bank (ECB) has little faith in cryptocurrencies and would prefer to introduce its own digital currency (CBDC). In an effort to find design choices for the Digital Euro, the central bank has asked specialists to attend a technical discussion on July 20.

Talks on privacy-based CBDCs in retail payment settlements will be the primary topic. Experts will also talk about how payment asset issuers would settle transactions while ensuring security and restricting access to transaction information.

Experts will also look at existing instances of large-scale apps and back-end IT infrastructure that allow private transactions.

A small group of ECB digital euro project participants will meet in a confidential session at the expert level. Approximately 25 minutes will be allotted for questions & answers at the end of each session.”

The ECB’s position on cryptocurrency was reaffirmed in the wake of the market fall. Even the head of the European Central Bank, Christine Lagarde, had said that crypto was “worthless.”

The European Central Bank (ECB) began looking at the possibility of establishing a digital currency for the Eurozone in October of last year. The European Central Bank’s (ECB) newest discussion will aid in the design and dissemination of the digital euro to shops and the public. The Eurosystem will make a decision on producing a digital euro after the phase is complete.

The ECB has long advocated for more stringent crypto rules, citing the market’s elevated level of risk. An improvement in governance, investor protection, and environmental protection for crypto assets will be provided through the Markets in Crypto Assets (MiCA) laws.

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