Is it time for the digital Euro? In the next five years, Europe could have its own CBDC, but first, there are some stones to put out of the way.
. In the next five years, Europe could have its own central bank digital currency up and running. However, there are still many questions surrounding the prospective digital currency.
There are two potential mechanisms to avoid such a scenario: Either to set a cap on the amount of funds that a citizen can hold in central bank money or implement a negative interest rate applied to CBDC funds above a specified limit. “The digital euro is mainly to become a kind of digital cash, also a new payment method and less a store of value. The central bank does not want to take away the banks’ business.”The digital euro will not be adopted by European Union citizens if it won’t have certain features such as complete anonymity, said Gross. His team did a study thatthat it is technologically possible to make a digital euro just as anonymous as cash.
“In an extreme case, in a few decades there could be very little use of cash, as is now the case in China or Sweden. And, if we didn’t have a digital euro that at least partially enables anonymous payments, then we would no longer have any privacy in payments. Even if it seems counterintuitive, the digital euro can promote privacy if one were to implement such a system with a focus on anonymity.
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