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  4. Digital euro

Digital euro – Frequently Asked Questions

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Digital Euro - Frequently Asked Questions

12 results
  • What is digital central bank money?

    Digital central bank money, which is also referred to as central bank digital currency, or CBDC, would be another form of money alongside cash and deposits in central bank accounts that would be issued by a central bank. Deposits in central bank accounts in their existing form can be accessed only by a limited group of users, chiefly monetary policy counterparties of the Eurosystem. Depending on how it is designed, digital central bank money, on the other hand, would either offer new functions for the central bank’s existing counterparties (wholesale CBDC) or be available to users beyond selected counterparties. In the latter case – digital central bank money that can be used by enterprises and households – the term retail CBDC is also used. Up until now, digital central bank money has mainly been discussed as a concept, but it is clearly attracting growing interest in central bank circles. Indeed, some countries are already running practical tests on the use of central bank digital currency.

  • What is the digital euro?

    A digital euro would be a digital form of central bank money, specifically the euro. It could be used by the general public in much the same way as cash, only in virtual form. This would make the digital euro a retail CBDC. Alongside cash, the Eurosystem would thus supply households with an additional form of central bank money that can be used quickly, easily and securely. 

  • When will the digital euro be introduced?

    It has not yet been decided whether and when the digital euro will be introduced. October 2020 saw the Eurosystem publish a report on the possible issuance of central bank digital currency for the euro area and then launch a public consultation on the digital euro.

    In parallel to this, the Eurosystem initiated an experimental phase in which various avenues for potentially launching a digital euro are being explored. However, the ECB Governing Council has not yet made a policy decision concerning the introduction of a digital euro. The Governing Council is expected to decide in the summer of this year on a possible project phase and the next steps this would involve.

  • What’s the difference between a digital euro and money held in euro in accounts with commercial banks?

    Credit balances on accounts with commercial banks, which are also known as book money, represent a liability on the part of the commercial bank to the account holder. The digital euro, by contrast, would be central bank money, though whether it can and should be given the status of legal tender, just like cash, is a matter than still needs to be investigated.

  • How exactly do consumers stand to benefit from a digital euro?

    The world is becoming ever more digital, and that is having an impact on payment behaviour. The digital euro would enable households to make cashless payments using central bank money. They can only pay in central bank money at present if they use cash. By potentially introducing the digital euro, the Eurosystem would provide households with a payment instrument they could use directly for online payments and the like. This would enable the general public to settle payments in the growing world of online commerce without sharing their data with third parties and without compromising on stability, security and confidence.

  • What would a payment with the digital euro look like?

    Ideally, it would be possible to use the digital euro in all manner of payment scenarios, such as at the point of sale or at the online checkout, and also offline in combination with payment cards. This would mean that people who are less acquainted with digital technology would also have access to it. And a digital euro would ideally also boast other functions such as programmable payments.

  • What does “programmable” mean in the context of payments?

    Innovative technologies surrounding blockchain and distributed ledger technology (DLT) allow payments of digital money to be linked to certain conditions. Thus, the money or payment is said to be “programmable”. Programmable payments are needed to settle the cash leg of DLT or blockchain-based transactions. Ideal use cases would typically include machine-to-machine transactions where, for example, an electronic vehicle independently pays the charging station at the car park.

  • Who will issue the digital euro? Will people then have an account with the central bank where the digital euro are held?

    Different options are conceivable for how a digital euro could be designed and issued, and these are currently under discussion. But the practical aspects of putting the digital euro into circulation and making it available to users are still undecided.

  • What will happen to cash once the digital euro is introduced?

    The Eurosystem has stressed that the digital euro would, if anything, be complementing cash, not replacing it, and that it will continue to supply cash. The general public would still be free to choose for themselves how they wish to pay. 

  • Is the digital euro just as anonymous as cash?

    Transfers of digital money are always logged in an electronic register to prevent it from being copied and used multiple times. This is why fully anonymous payments (transactions that leave no digital traces) are not possible with digital money. However, privacy matters and the protection of personal data would be taken into account in the possible design of the digital euro. At the same time, besides respecting the individual’s right to privacy and to determine how their data are used, a digital euro’s potential design would also need to consider in particular the public interest in preventing money laundering and the financing of terrorism.

  • How safe would payments in digital euro be? And how safe is CBDC kept in a decentralised manner?

    It has not been decided whether a centralised or decentralised approach will be used for issuing and storing the digital euro. No matter what approach is chosen, people in the euro area can rest assured that central bank money, whether it exists as cash or in a digital format, is subject to the strictest safety requirements. If the Eurosystem decides to issue a digital euro, safety and stability would play a crucial role in its technical design.

  • How will monetary policy and financial stability in the euro area be affected by the issuance of digital euro?

    CBDC offers opportunities, but it also has its risks. The nature and scope of these opportunities and risks is still a matter of debate in many cases, including in academic circles, and will in any case very much depend on how CBDC is configured in detail. One frequently mentioned opportunity is that CBDC would support the digitalisation of the European economy. Another is that CBDC could potentially boost the efficiency of payments if it is designed to be programmable. Possible use cases would then include autonomous machine-to-machine payments between an electronic vehicle and a charging station, for example. But there are risks as well. One is that digital money held by the general public with the central bank might impair monetary policy and financial stability in the euro area, crowding banks and financial service providers out of the market and jeopardising their intermediation function in the financial system. The Eurosystem has involved the banking industry from the outset in discussions surrounding the potential design of a digital euro so as not to risk squandering the benefits offered by the existing division of tasks between commercial and central banks. Another possible downside is that CBDC could significantly expand the size of the Eurosystem’s balance sheet. This would materialise if the Eurosystem, in exchange for issuing CBDC to the general public, has to take a larger volume of assets onto its balance sheet, which could lead to a situation where the quality requirements for such assets are lowered. That would expose the Eurosystem to increased financial risks.

Digital euro ©Colin Cramm
© Colin Cramm
Monthly Report: digital money a source of both opportunities and risks

What are the requirements that a digital euro needs to meet? This is a question explored in the latest edition of the Bundesbank’s Monthly Report. After outlining the opportunities and risks presented by digital money, the Bank’s experts conclude that any solutions will need to be well-designed, secure and convenient.

Monthly Report: digital money a source of both opportunities and risks
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