Digital Euro will be put to the test

The European Central Bank (ECB) announced this Wednesday, July 14, a two-year investigation that will examine «key design and layout issues of a digital euro ", in response to the growing dematerialization of payments and the multiplication of cryptocurrencies; analyzing its possible impact on the market. The final decision on the deployment of a digital euro would occur later, according to what was reported by CNN.

"Given the ongoing digital transformation, which has the potential to transform the payments landscape and even the entire financial system, central banks must be bold and keep pace with change"said Fabio Panetta, a member of the Executive Board of the ECB, in a blog post.

Differences with bitcoin

According to A Peruvian man, between the differences with the BitcoinWe can mention that the latter is not an official means of payment, its unit of account is not defined by the State, but is issued by private organizations or controlled by participants in a computer network. In addition, the issuance of new bitcoins it is regulated by an algorithm and not by a monetary policy committee.

Central banks want to give stability to this speculative world of digital currencies, whose price seems like a roller coaster. "One euro today must be worth one euro tomorrow, whether in kind or digital"said the bank.

The ECB is committing to this project at a time when other large central banks, such as the Chinese (e-yuan) and the United States (digital dollar), they in turn work on issuing their own cryptocurrencies.

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Javier Garcia
Lawyer from the César Vallejo Private University (UCV) has experience in civil law, administrative law, telecommunications law, consumer protection, as well as legal research on issues of commercial law, personal data protection and new technologies.


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