European finance ministers are seeking to create a digital euro that is both secure and accessible as several central bankers push forward with testing the project in 2022. The European Central Bank (ECB) began exploring the idea of a digital Euro in October 2020 and officially launched an investigation into the concept in 2021.
The Eurogroup, a collection of finance ministers from the countries within the European Union that utilize the common currency, has maintained ongoing deliberations on this topic.
Following their most recent meeting, Eurogroup members elucidated the main objectives for a Central Bank Digital Currency (CBDC) if it is decided to go ahead with the execution of one. Although some other preparations are being made by EU legislation, whether or not an electronic euro will be released remains in the air.
However, the members revealed how a CBDC would enhance the Bloc’s autonomy and offer citizens and businesses significant benefits. Emphasizing the importance of its role, the European Central Bank declared that it would remain an “anchor for the EU’s monetary system.”