April 2021 What are the advances of the digital euro?

How we point out At the end of last year, the development of the European Union's digital currency was still in the research phase, and it even had to undergo a public consultation process to define the set of desired characteristics and specify its issuance as such.

Now, we have that the public consultation has already been carried out, and 8000 responses have been collected. With which, with all this information base, they must carry out a project that incorporates it (or at least, the one that is most representative) and analyzes it, in such a way that it can be presented to the European Parliament for approval, he said. blockchaineconomy.

In this regard, the vice president of the European Central Bank is emphatic in assuring the need for the digital currency project: “For us, the digital euro, it is not an option, it is something that we simply have to do"

When will the presentation be made to the European Parliament? It is expected in July of this year. What if they give the go-ahead? The approval of the Governing Council of the European Central Bank and that of the governors of the central banks of the 19 countries that make up the euro zone is still pending. In other words, there are still several phases to go through. Fortunately, everyone seems to agree with his development.

So if all the governors of the European central banks give their approval to the project, by when should we expect the issuance of the digital euro? According to Christine Lagarde, president of the European Central Bank, 4 more years: “The whole process, let's face it, will take in my opinion another four years, maybe a little longer. We need to make sure that we are not going to break any system, but rather to improve the system”. Clearly, another important aspect that is cross-cutting in every sense is the pandemic context, which will certainly represent delays for its implementation.

Finally, what initial solutions do you want to achieve with the implementation of the digital euro? The efficient, scalable and programmable issuance of money to make payments, and even prevent its use by minors.

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Marilú Lazo
Lawyer from the Pontificia Universidad Católica del Perú (PUCP). Director of The Crypto Legal Blog, she has experience in corporate advice, consumer protection, as well as in matters of personal data protection and new technologies.

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