The European Central Bank reveals that if a "digital euro" is created, users in the eurozone will have access to it first.
The European Central Bank reveals that if a "digital euro" is created, users in the eurozone will have access to it first.
The European Central Bank (ECB) has released its third progress report on the design of the digital currency "Eurodigital" on April 24. This time, the bank considered options for access and distribution that have been approved by the ECB's governing council.
"Convenience" is crucial for accessing the Eurodigital currency. Users of Eurodigital will be onboarded by payment service providers (PSPs) according to the specified process, such as verifying the identity of the customer. Initially, residents in the euro area, merchants, and governments will participate, followed by consumers in the European economy and selected countries. The service will be available through PSP apps or apps provided by the Eurosystem.
Payments at stores can be made using QR codes, online payments, and offline functionality is also possible. Payment service providers can offer additional services and value, such as separate or regular payments. The report notes that cross-border functionality can be added after the launch of Eurodigital in the euro area.
Fabio Panetta, a member of the ECB's executive board, appeared before the European Parliament's Committee on Economic and Monetary Affairs on April 24 and stated that "we will take all necessary measures to ensure that Eurodigital will be a truly useful product or service."