The central bank digital currency [CBDC] wave seems … However, the regulator was keen to emphasize that it has not yet decided to issue a central bank digital currency (CBDC). To do this, we use the anonymous data provided by cookies. 27 November 2020. The central bank aims to decide around mid-2021 whether or not to launch the project, it said. The protection of privacy would be a key priority, so that the digital euro can help maintain trust in payments in the digital age. We are always working to improve this website for our users. BRUSSELS, 13 January 2021 – ESBG submitted its response to the European Central Bank (ECB) public consultation on a digital euro. ECB Digital euro consultation The ECB recently released its report on the consultation on a digital euro. Around 25% of respondents believe that a digital euro should make cross-border payments faster, cheaper, and possible outside of the Euro area. Hence, the digital euro can’t be competitive without privacy being a top priority. Learn more about how we use cookies, We are always working to improve this website for our users. Now it has launched a public consultation on the topic. ECB Digital euro consultation. The consultation that was launched in October last year, received over 8200 responses. “The high number of responses to our survey shows the great interest of Europe’s citizens and firms in shaping the vision of a digital euro,” said Fabio Panetta, Member of the ECB’s Executive Board and Chair of the task force on a digital euro. “The opinions of citizens, businesses and all stakeholders are of utmost importance for us as we assess which use cases a digital euro might best serve.”. According to a quarter of individual respondents, end-user solutions comprising (smart) cards or a secure element in smartphones would be preferred to facilitate cash-like features. On October 2nd, the European Central Bank published a report on a digital Euro, providing a list of possible reasons for its launch. Please note that related topic tags are currently available for selected content only. The ECB will publish a comprehensive analysis of the public consultation in the spring, which will serve as an important input for the ECB’s Governing Council when deciding whether to launch a digital euro project. Professionals and private citizens would most prefer a digital euro that prioritizes privacy, according to a public consultation published by the European Central Bank (ECB). “A digital euro can only be successful if it meets the needs of Europeans,” says ECB Executive Board member Fabio Panetta. They want the digital euro to be usable outside the euro area, though with limits. An ECB representative states in the report that the bank will do its best to ensure that a digital euro meets the expectations of European citizens.The answers provided suggestions for the upcoming decision of the Governing Council on whether a … Januar 2021 Introductory remarks The publication of the Report on a Digital Euro by the European Central introduction of a digital euro. These include increased demand for electronic payments, decreased use of cash, the launch of global private means of payment, digital currencies issued by foreign central banks or monetary policy considerations. Our public consultation … The European Central Bank will start experimenting with a digital version of the euro while holding a public consultation in a major step toward introducing the technology. The ECB launches a three-month consultation on Monday and will carry out a series of experiments on the feasibility of a digital euro over the next six months. Disclaimer The analysis confirms, by and large, our initial findings: what the public and professionals want the most from such a digital currency is privacy (43%), followed by security (18%), the ability to pay across the euro area (11%), no additional costs (9%) and offline usability (8%). The ECB will soon publish the analysis of the eight thousand responses received from its digital euro consultation process. The public consultation was launched on 12 October 2020, following the publication of the Eurosystem report on a digital euro. Launched in October 2020, the ECB’s digital euro public consultation has confirmed the ECB’s initial findings, providing valuable input for Eurosystem’s decision in mid-2021 on starting a formal investigation into a digital euro. A large majority of respondents were private citizens (94%). : +49 172 174 93 66. Notably, privacy and security … To do this, we use the anonymous data provided by cookies. On 2 October 2020 the ECB published a report on a digital euro. To do this, we use the anonymous data provided by cookies. A total of 43% of respondents to the ECB’s public consultation named that as the most important consideration for any eurozone central bank digital currency (CBDC). The ECB received many technical suggestions from the respondents. The European Central Bank (ECB) has today released its findings from the public consultation on a digital euro. The ECB collected a record number of over 8,200 responses, 94 percent of which came from private citizens. Public consultation provides valuable input for Eurosystem’s decision in mid-2021 on starting formal investigation on digital euro; The European Central Bank (ECB) has published today a comprehensive analysis of its public consultation on a digital euro. Since the introduction of the euro, the ECB has been responsible for preserving citizens’ trust in our currency. Almost half mention a need for holding limits, tiered remuneration, or a combination of the two, to manage the amount of digital euro in circulation. Report on the public consultation on a digital euro A digital euro can only be successful if it meets the needs of Europeans We asked 18 questions to collect views on the benefits and challenges of issuing a digital euro and on its possible design. We are always working to improve this website for our users. ECB executive board member Fabio Panetta stated: “A digital euro can only be successful if it meets the needs of Europeans. For media queries, please contact Alexandrine Bouilhet, tel. To do this, we use the anonymous data provided by cookies. Learn more about how we use cookies, We are always working to improve this website for our users. The European Central Bank (ECB) concluded its public consultation on the digital euro yesterday and will now analyse in detail the large number of responses. They would like additional services provided on top of basic digital euro payments. This report examines the issuance of a central bank digital currency (CBDC) – the digital euro – from the perspective of the Eurosystem. The European Central Bank has undoubtedly been making crucial moves towards the issuance of a Digital Euro in the past days. April 15, 2021 by Sahana Kiran. 8,221 citizens, firms and industry associations submitted responses to an online questionnaire, a record for ECB public consultations. The ECB launched a public consultation last … The public consultation officially launched on Oct. 12. The European Central Bank (ECB) has released the results of its public consultation, which began last year to assess Europeans’ views on a central bank digital currency (CBDC) backed by the EU. The results of the consultation will help guide the European Central Bank's decision as to whether, or not, to launch a formal investigation into the launch of a digital euro. These were the findings of a digital euro consultation conducted by the European Central Bank (ECB). Two weeks ago, the European Central Bank published its report on the digital Euro, which said it would decide whether to proceed with a project by mid-2021. The public consultation was launched on 12 October 2020, following the publication of the Eurosystem report on a digital euro. “We will do our best to ensure that a digital euro meets the expectations of citizens highlighted in the public consultation.”. The Eurosystem task force, bringing together experts from the ECB and 19 national central banks of the euro area, identified possible scenarios that would require the issuance of a digital euro. For media queries, please contact Alexandrine Bouilhet, tel. Mr. Panetta says that the digital euro would provide the ECB with “real-time information on deposit flows, enabling a swift reaction if needed.” That, however, could infringe on citizens’ privacy. On October 12, 2020, ECB will be launching a three-month consultation and will carry out a series of experiments on the feasibility of a digital euro over the next six months. Privacy is the most important feature of a digital euro for both the public and professionals, especially merchants and other companies. A digital euro would combine the efficiency of a digital payment instrument with the safety of central bank money. According to the European Central Bank (ECB), the proposed digital euro is different from a “crypto-asset” and all implications of issuing the CBDC must be adequately considered. ECB Garners Over 8,000 Responses To Its Public Digital Euro Consultation. See what has changed in our privacy policy, I understand and I accept the use of cookies, See what has changed in our privacy policy, Over 8,000 responses received in online survey, Privacy, security and pan-European reach ranked highest in European citizens’ preferences, Detailed analysis to be published in spring, ahead of decision on project launch. Both groups support requirements to avoid illicit activities, with fewer than one in ten responses from members of the public showing support for full anonymity. According to the ECB, the consultation will start Oct. 12, and the experiment will be held in parallel. The public consultation was launched on 12 October 2020, following the publication of the Eurosystem report on a digital euro. Reproduction is permitted provided that the source is acknowledged. The European Central Bank’s public consultations on a digital euro have revealed that privacy is valued above all other features for any new form of the currency. It would complement cash, not replace it. The consultation was launched on 12 October 2020 and concluded on 12 January 2021, receiving over 8,200 responses – a record participation for an ECB public consultation. ECB issues report on the previous consultation on a digital euro. The Eurosystem will continue to issue cash in any case. An initial analysis of raw data shows that privacy of payments ranked highest among the requested features of a potential digital euro (41% of replies), followed by security (17%) and pan-European reach (10%). Reproduction is permitted provided that the source is acknowledged. The consultation that was launched in October last year, received over 8200 responses. Please note that related topic tags are currently available for selected content only. Around a quarter of respondents take the view that a digital euro should make cross-border payments faster and cheaper. The ECB will publish a comprehensive analysis of the public consultation in the spring, which will serve as an important input for the ECB’s Governing Council when deciding whether to launch a digital euro project. More than two-thirds of respondents acknowledge the importance of intermediaries providing innovative services that allow access to a digital euro and indicate that it should be integrated into existing banking and payment systems. The European Central Bank (ECB) has published today a comprehensive analysis of its public consultation on a digital euro. It confirms privacy as the most wanted feature of a digital euro. : +49 172 174 93 66. ECB’s Perspective About the New Digital Currency. A similar share of professional respondents agree. Lagarde has come up with a complicated decision-making process in which the bank will define the future of the digital euro. ECB public consultation on a digital euro starts on October 12, 2020. Most responses came from Germany (47%), Italy (15%) and France (11%). The remaining participants were professionals, including banks, payment service providers, merchants and tech companies. Public consultation on a digital euro Press release Hub: A digital euro Report on a digital euro Letter from Fabio Panetta to Irene Tinagli, MEP, on ECB public consultation on a digital euro List of questions Summary of responses Deadline: 23:59 CET on 12 January 2021. Disclaimer The answers are not necessarily representative of the views of the EU population as the consultation was open to everyone, and respondents participated on their own initiative. The ECB recently released its report on the consultation on a digital euro. The European Central Bank (ECB) today said it is working with the European Commission in experiments to consider the merits of minting a ‘digital euro’. ECB consultation on a digital euro from 12 October 2020 Berlin, 12. The ECB launched a public consultation on a potential digital euro in October 2020. The ECB concluded its public consultation period on January 13, three months after its launch. The European Central Bank should prepare to issue a digital euro to complement banknotes "if and when" it becomes necessary, ECB board member Fabio Panetta said on Friday. The consultation was launched by the ECB on Oct. 12, 2020 and concluded on Jan. 12 this year, to assist the central bank's analysis on whether to proceed with a digital euro project. See what has changed in our privacy policy, Report on the public consultation on a digital euro, I understand and I accept the use of cookies, See what has changed in our privacy policy, Citizens and professionals alike value privacy most for possible future digital euro, Preference for a digital euro being integrated into existing banking and payment systems, Public consultation provides valuable input for Eurosystem’s decision in mid-2021 on starting formal investigation on digital euro. The ECB research team remarked that privacy has to be the number one priority because the crypto industry has normalized privacy as a key aspect of any digital currency. Still, they provide important input into the ECB’s analytical and experimental work and into the upcoming decision of the Governing Council on whether to launch a formal investigation phase in view of the possible issuance of a digital euro. A digital euro would be a digital symbol of progress and integration in Europe, said Executive Board member Fabio Panetta when presenting the report on a digital euro. According to a report published on April 14, privacy is the most important feature of a digital euro, especially for merchants and other companies. Respondents to a European Central Bank consultation said that privacy was their main concern about any possible digital euro. These scenarios include an increased demand for electronic payments in the euro area that would require a European risk-free digital means of payment, a significant decline in the use of cash as a means of payment in the euro area, the launch of global private means of payment that might raise regulatory concerns and pose risks for financial stability and consumer protection, and a broad take-up of central bank digital currencies issued by other central banks. An initial analysis of raw data shows that privacy of … But don't expect a digital euro in your electronic wallet soon. Among respondents to the ECB's public consultation, privacy of payments ranked highest among the requested features of a potential digital euro (41% of … A digital euro would be an electronic form of central bank money accessible to all citizens and firms – like banknotes, but in a digital form – to make their daily payments in a fast, easy and secure way.
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