In the latest twist of events, the European Central Bank is ready to launch Digital Euro. The European bank will join the elite group of central banks across the world that have already issued CBDC. As the innovations in the retail payment are failing so, the European banks are up for launching this new solution. Central banks are less aware of the inside details of the currency system, hence this solution might be a new thing for them. Currencies play a dominating role in ruling any nation and this is what makes the whole process of launching a lot more crucial.
Reliability & Security
For the launching process, the primary goal is to create a system that is fast, reliable & secure. This new European system will reach the five original objectives that are- safety and security, European identity and governance; full pan European reach and seamless customer experience. Also, the European central bank is one of the very few institutions that have shown interest in the CBDC. In order to launch this currency, the most satisfactory part would be to support private companies. These private companies attempt to develop a new payment infrastructure. Moreover, the launching of this system would require a thorough knowledge of the technical aspects.
Resolving Primary Issues
In order to reach its significant goals, the bank needs to resolve some of the primary issues. The bank is trying hard and fast rules to launch this new system as soon as possible. Rest of the matter is still a hidden fact for many people. The European Central Bank is playing a significant role in exploring more into this new currency system. Additionally, they are introspecting each data into notice before taking every small step. Nonetheless, this development comes off as a welcome move for many crypto and blockchain enthusiasts