The European Central Bank took a further step on Wednesday towards launching a digital version of the euro that would let people in the 20 countries that...
FRANKFURT - The European Central Bank took a further step on Wednesday towards launching a digital version of the euro that would let people in the 20 countries that share the single currency make electronic payments securely and free of charge.
A number of Caribbean countries and Nigeria have already launched digital currencies while China and Sweden are among those that have rolled out pilot projects. "So far, the ECB has not been able to clearly communicate the added value of the digital euro," said Markus Ferber, a German member of the European parliament for the conservative European People's Party.
Just like with physical cash, users will be able to make small offline payments in digital euros to counterparts nearby and the ECB has said it won't store any data about individual transactions. Many of these projects surged around 2019, when Facebook announced plans to introduce a digital currency, which were then ditched.
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