Innovation

European Central Bank approves digital euro launch

July 20, 2021

The Governing Council of the European Central Bank gave approval last week for the possible issuance of the digital euro. There will be a two-year investigation to determine what a digital euro would look like and how it would function, according to a press release from Giesecke+Devrient, a global security technology company.

The digital euro would act as an alternative to cryptocurrencies and would be available to all citizens, regardless of their access to bank accounts or the internet.

"Of course, such a mammoth project must be preceded by meticulous planning. But we must also not get bogged down in unnecessary details in this crucial phase," Ralf Wintergerst, chairman and CEO of G+D, said in the release. "As an economic power and a community of values, Europe must transform its strength and its ideals into the reality of the digital age. The digital euro is an indispensable building block for this and thus crucial for Europe's digital self-determination."