The European Central Bank (ECB) has completed the technical preparations for the digital euro, as confirmed by ECB President Christine Lagarde. The project now requires legislative approval from the European Union to proceed further. The ECB's efforts have concentrated on ensuring security, system compatibility, and designing the digital euro's architecture.
The digital euro aims to provide a secure public payment option, enhance financial inclusion, and reduce dependency on foreign payment systems. The ECB emphasized that the digital euro will coexist with cash, addressing key issues such as privacy, the role of banks, and user experience. With the technical phase concluded, the project now awaits the necessary legislative backing to advance.
ECB Finalizes Digital Euro Architecture, Awaits EU Legislative Approval
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