FRANKFURT : The European Central Bank took a further step on Wednesday towards launching a digital version of the euro that would let people in the 20 countries that share the single currency make electronic payments securely and free of charge.
The ECB said it would start a two-year"preparation phase" for the digital euro on November 1, in which it would finalise rules, choose its private-sector partners and do some"testing and experimentation".
A number of Caribbean countries and Nigeria have already launched digital currencies while China and Sweden are among those that have rolled out pilot projects. But the project has its fair share of critics, chiefly bankers and regulators who fear it will take deposits away from the commercial sector, but also some academics, the European Union’s privacy watchdog and some consumer groups.
The ECB says a digital euro will create competition in the market for payments, dominated by U.S. credit card companies. Just like with physical cash, users will be able to make small offline payments in digital euros to counterparts nearby and the ECB has said it won't store any data about individual transactions.
Central banks representing one-fifth of the world's population are likely to issue their own digital currencies in the next three years, according to a survey by the Bank for International Settlements.
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