The Digital Euro Will Be Praised Or Criticized In 2023

In its second project progress report, the European Central Bank states that it will complete the general design of a digital euro in the second half of 2019.

The second set of design and distribution alternatives that the ECB’s Governing Council has just approved are detailed in the study, and they include:

The function intermediaries are in charge of onboarding end users, performing anti-money laundering checks, and providing services geared toward consumers, such as payment initiation tools.

The settlement model specifies how online or offline transactions will be settled.

The process through which customers may convert cash and funds from bank accounts into digital euros; both funding and defunding will occur here.

The distribution model. Since it is most suitable for ensuring that all citizens of the euro area may pay and be paid in digital euros, a digital euro plan is anticipated.

Before delivering a comprehensive report to the Governing Council later in the year, the central bank said it would evaluate other design and distribution alternatives.

According to the ECB, the Governing Council will evaluate the results of the research phase in the fall of 2023 and then choose whether to go on to a realization phase.

Even if the initiative is approved, it will be in 2026 at the earliest that EU residents can use a digital euro.