The ECB will start to seriously take a look at the implementation of the virtual Euro through mid-2021.
The Central Bank's report States that "the blessings of the digital Euro and fast changes in retail charge structures will pressure the Eurosystem to be geared up to apply the digital forex in the future."
In addition, the digital Euro will provide Europeans with get right of entry to a secure form of money in an unexpectedly changing world.
Europe gets strategic autonomy, presenting an alternative to overseas charge vendors.
However, there are some of the standards that the virtual Euro will have to meet.
First, it ought to hold up with technological progress and ought to be supported by European charge machine standards, but it has to not be to be had for private charge solutions.
Second, it needs to carry out the functions of coins, be easy to apply, and defend privateness.
Finally, it needs to be as attractive to users as foreign price solutions, in addition to a device for improving the transmission of signals from monetary policy. The digital Euro ought to additionally be to be had outdoor the Euro area.
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