As central banks worldwide unveil their CBDCs, the ECB continues to develop the digital euro. Nearly 20 years after the euro’s historic issuance, the ECB’s digital euro is in the formal investigation phase but is guaranteed to become a reality soon, once the necessary preparations have been made to ensure its effectiveness and security.
Central Bank Digital Currency (CBDC)
The introduction of a Central Bank Digital Currency (CBDC) is taking concrete shape in more and more countries economic and currency areas. The European Central Bank (ECB) is currently evaluating the specifications of a digital Euro, Sweden recently extended the test phase for its own CBDC and in China,
It has been an unusually eventful year for central banks all over the world in 2020, and given the current circumstances, the coming year is set to be no less busy. With a variety of challenges to overcome, therefore, central banks hope to achieve several important goals before the end of 2021.