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The idea of creating virtual money from the European Central Bank matured after Facebook announced its intention to issue a digital currency. But only now the matter has finally moved forward.
As the regulator admitted, the pandemic forced it to accelerate the implementation of the initiative, namely, an increase in the number of online purchases. Due to the coronavirus, the role of cash as a means of payment began to decline significantly.
It is already known that the new version of the euro, which will allow EU citizens to pay without coins and banknotes, will have the same advantages as cryptocurrencies: instant transactions and a minimum commission.
However, unlike bitcoin and other digital coins, the virtual euro will not be mined either by users or by the regulator. The ECB plans to create an environmentally safe infrastructure and make the future currency several times less energy-consuming than popular cryptocurrencies.
As for the architecture of digital money, the Central Bank promises to try to combine both centralized and decentralized elements in it.
Also during this period, the developers will create a design for a new version of the euro. One of the benchmarks will be functionality: the digital currency must meet all modern requirements and the needs of future users, the regulator notes.
However, the highest priority at this stage will be ensuring confidentiality and security. The ECB promises to carefully study the likely impact of the virtual asset on the market in order to avoid potential risks for citizens and the economy.
At the same time, it is reported that the developers will exclude the possibility of cashing out virtual assets in order to prevent possible money laundering and tax evasion.
The new currency will become the same obligation for the regulator as its paper prototype, but there is no goal to bring it to the fore. The ECB draws attention to the fact that the digital euro will not replace the classical monetary system, but will complement it for the sake of user convenience.
The work on the pilot project of the new European currency, which has now been approved, has been carried out for 9 months. During this time, the regulator conducted many experiments. For example, the issue of users' access to digital money in the absence of the internet was investigated, and the limit of virtual assets in circulation was also analyzed.
In the next 2 years, research and testing will also continue. The task of the regulator is to develop during this time a digital version of the single European currency, which will be used in 19 EU countries. But the introduction of a virtual means of payment may take another 2 years.
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