European Central Bank Releases Digital Euro Progress Report, Digital Wallet Study

The European Central Bank (ECB) has been complex at work on its digital euro and just sent in a new progress report. Also, they have released the results of a recent study that looked at how a digital wallet could be used. All of this was done to keep its digital currency moving forward. 

On the other hand, Fabio Panetta, a member of the European Central Bank Board, talked about the change at the European Parliament’s Committee on Economic and Monetary Affairs. Panetta talked about digital cash and the “final stage of the investigation phase of the project.”

European Central Bank (ECB) Moving Toward Digital Euro

The digital euro is getting closer to being released by the European Central Bank. They are also said to be finishing up their research on the project. A new report on the project’s progress and a study on how it might be possible to add a digital wallet also arrived. 

The development report says the digital euro would “be accessible to euro area residents, merchants, and governments.” A “euro area-based payment services provider (PSP)” could also give entry to people who do not live there. 

In an exciting move, the focus group asked people what they thought about specific traits of a possible digital bank. Also, the data showed that most people who took part wanted to try out an ECB-made digital wallet. According to the progress report, this study is still critical because of how the wallet and the digital euro are made.

ECB Member Discusses Digital Euro Advancement

🧵 Europeans see the ability to pay anywhere as the most important feature of a potential digital euro, says Executive Board member Fabio Panetta. People should always have the option to use it, just like they do with cash today.

Speech https://t.co/XXZ3YMnQAu

1/3 pic.twitter.com/gPLmD46MNZ

— European Central Bank (@ecb) April 24, 2023

So, ECB Board member Fabio Panetta recently gave a speech about the growth of the digital euro. In particular, he talked about the study that shows “how the Eurosystem sees people getting, holding, and starting to use the digital euro.”

Panetta said, “Our work in recent months has not just been about investigating technical issues. We have also held focus groups to hear from potential users of a digital euro and find out what they think about different features a digital wallet should have.”

In the end, Panetta said that digital purchases are essential in modern banking. Then he said, “Being able to pay digitally is a basic need for people.” Also, the need for a digital option to cash is talked about. “the rapid digitalization of our economy means that we need a digital euro to replace cash.”

In conclusion, Panetta said this study is needed for the Digital Euro to work. Also, for it to be adopted, it will have to “fit with what people want.” Talking a lot about how easy it is to use makes it clear that it is essential to the ECB’s future.