Digital Euro Coming? 13 Things We Know About the ECB’s Potential Plans

The European Central Bank (ECB) is working on a digital euro but it will still be some time before the virtual currency will see use.

Let’s take a look at everything investorsneed to knowabout the digital euro and ECB’s possible plans.

• The ECB will likely be setting up a wallet to hold the digital euro for citizens.
• That could include holding limits to keep people from abandoning commercial banks.
• This would likely be similar to how a digital bank account works.
• However, a major difference is that the ECB has no worries about running out of funds.
• One thing to note is that there’s no guarantee that the ECB will use blockchain for the digital currency.
• That seems like a strange choice considering the massive adoption of the technology by cryptocurrencies such as Bitcoin(CCC:BTC-USD) and Ethereum(CCC:ETH-USD).
• It’s also unlikely that users will be able to remain anonymous when making purchases with the currency.

• While the switch is likely happening, it won’t be for some years.
• The ECB has entered an investigational phase concerning the currency.
• This will last for 24 months.
• The ECB also still needs to design the digital euro and have it approved by regulators.
• That means people won’t likely be using the digital currency for at least five years.
• When they do, the ECB claims that the digital euro will be environmentally friendly with energy use for it being negligible.