The European Central Bank takes a step closer to issuing a digital version of the euro currency, saying it has to be ready to launch digital money if a changing world requires it.
A woman walks over a bridge near the European Central Bank, left, in Frankfurt, Germany, Wednesday, Sept. 30, 2020.
The central bank issued a comprehensive report outlining the reasons why it might need to take the step. The ECB also said it would hold public consultations on the idea with citizens, academics and bankers. A digital euro would be different from current cashless payment systems run by the private sector because it would be official central bank money - trustable, risk-free and likely less expensive to use. A central bank digital currency could also be used offline, for instance, to transfer small amounts between individuals using digital wallets on their smartphones and a Bluetooth connection.
The U.S. Federal Reserve is taking a more long-term view. Lael Brainard, a member of the board of governors at the Fed, said in August that the Fed would need to ask how U.S. law would apply. She said no decision had been made “as we are taking the time and effort to understand the significant implications of digital currencies and CBDCs around the globe.”
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