In the next few years, it is expected that people will be shopping in virtual currency at European destinations. It is predicted that the digital currency “Digital Euro” will be commercialized by 2028.
The European Central Bank (ECB) announced on the 18th (local time) that it has begun preparations to introduce the digital euro in 2028. The digital euro project began in 2021, and the ECB plans to prepare a digital euro that can be used online and offline based on its research. In addition, it plans to go through the preparation stage for the next two years following the last investigation stage.
“This preparatory phase will pave the way for the issuance of digital euros,” the ECB said in a statement.However, for actual use, it must go through the preparatory stage and the process of passing the European Union’s legislation. Considering this time, it is expected that the actual issuance will not be possible until 2028.
“We need to prepare for a currency for the future,” ECB President Christine Lagarde said. “The digital euro can be used like cash, will not cost anything else, and will coexist with physical cash.” Lagarde then stressed that “it will satisfy the high level of personal information protection.”
The ECB said the digital euro will put the biggest priority on data protection, and the euro system will not have access to information or payment details of individual users. The ECB predicted that the digital euro will innovate the payment system in European society in the future. The ECB has established a policy of not abolishing the existing currency but coexisting with the digital currency.
