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European Central bank launches public consultation for the people to have their say on the release of a digital euro

European Central bank launches public consultation for the people to have their say on the release of a digital euro

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  • A public consultation has been launched by the European Central bank on the potential of a launch of a digital euro earlier this week on the 12th of October.
  • The developments in this digital currency from the central bank comes during the coronavirus pandemic and the economic turmoil that we are experiencing as a result.

A public consultation has been launched by the European Central bank on the potential of a launch of a digital euro earlier this week on the 12th of October.

The developments in this digital currency from the central bank comes during the coronavirus pandemic and the economic turmoil that we are experiencing as a result.

And the central bank has claimed that the issuance of a CBDC could help in times like these by cushioning the impact of extreme events such as natural disasters or as we are experiencing, a pandemic. 

Earlier in October, a report was released by Bloomberg that claimed that the central bank in Europe sent in for a trademark on the term “digital euro“ on the 22nd of September. Now, the central bank has published a major new study completely devoted to the development of such an asset.

In the aforementioned public consultation from the European Central bank, it looks into trade unions, academic organisations, enterprises, and individual citizens to name a few.

Whereas the results are yet to be seen, the bank is encouraging people to comment on any specific challenges that they can see when it comes to the development and use of a digital euro in day-to-day operations.

Whatever the outcome of this public consultation is, practical experiments and discussions will be held by the bank in order to come to a decision on whether or not it will launch its project for a digital euro towards the “middle of 2021“.

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