ECB Reveals Its Public Consultation Findings On Digital Euro
Earlier today, the European central bank published the reports from its public parley over the digital euro. Most people suggest that the bank should ensure that the privacy and security of the digital euro are the main focus.
Why The ECB Wants the Perspective of European Country Members in Creating the Digital Euro?
The bank chose to sample the opinions of country citizens so that the digital currency it would create will be accepted by most of them. Fabio Panetta, a member of the bank’s executive board opined that “it’s only a digital euro that meets the needs of Europeans that can be deemed successful. Hence, we are putting out best foot forward to ensure that the digital euro exceeds the expectations of the country members.”
The publication revealed that more than 8,000 respondents from all European countries provided various suggestions about the digital euro. Further analysis of the report showed that 43% of the respondents asked that the bank prioritize privacy. Another 18% asked that the emphasis should be on security. 11% more people wanted a digital euro that can be used for payment all over the world. Lastly, 8% of the respondents wanted a digital euro that offers offline usability, while the last 9% wanted the currency not to have extra charges.
ECB’s Perspective About the New Digital Currency
The ECB research team remarked that privacy has to be the number one priority because the crypto industry has normalized privacy as a key aspect of any digital currency. Hence, the digital euro can’t be competitive without privacy being a top priority. The report highlighted that “privacy is a hugely significant element of the digital euro for all users whether firms, individuals, or merchants. All of them prefer a virtual currency that doesn’t aid or abet illegal activities. However, less than one percent of respondents wanted the digital euro transactions to be completely anonymous.”
Even though the consultation was made public in early October last year, and ended early this year, the majority of the respondents were private citizens and the remaining ones (about 6%) were professionals like tech firms, entrepreneurs, payment service providers, and banks. Surprisingly, almost half the respondents were from Germany. The other top responders were from France and Italy with 11% and 15% respectively. Despite making participation voluntary, the bank observed that the views of participants offered priceless information for their formal analysis which would be starting by the middle of this year.
In times past, Christine Lagarde, who presides over the ECB was quoted as saying the bank intends to create a digital euro that can provide adequate support for the cash market. Lagarde remarked in an online publication that “a digital euro would support the cash market and ascertains consumers’ unfettered access to the cash from the central bank to sufficiently meet their digital payment requirements.” She continued saying, “a well-developed digital euro would be a link between several players in the payments market and allow the private economy to develop services that suit the digital euro.”
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