Another CBDC (Central Bank Digital Currency is underway, this time in Europe, where plans for a digital euro are being initiated.
“The European Central Bank (ECB) announced on Friday that it will start conducting experiments to decide whether to launch a digital euro.
In a report setting out the pros and cons of launching a digital euro, the ECB said that it “could support the Eurosystems objectives by providing citizens with a safe form of money in the fast-changing digital world.”
Unlike private digital currencies like Bitcoin or Facebook’s Libra, the digital euro would be a central bank liability and would complement the current offering of cash and wholesale central bank deposits. Its value would therefore not be volatile because it would be backed by the central bank.”