The European Central Bank (ECB) has launched the investigation phase of a digital euro project. The German Banking Industry Committee (GBIC) has set out detailed thoughts on the design of a “digital euro”. In a paper, experts from Germany’s five national banking associations drew up an ecosystem of innovative forms of money that extends far beyond the idea of digitalised central bank money, which is referred to as Central Bank Digital Currency (CBDC).
“To be successful, the digital euro must do three things: It must be as easy for consumers to handle as cash. It must be viable in the long term for business enterprises, e.g. for automated machine-to-machine payments. And the digital euro must be well embedded in our delicately balanced, carefully secured and highly regulated European financial system because this system guarantees safe and fair access to financial and banking services for everyone in Europe”, notes Dr Joachim Schmalzl, executive member of the Board of Management of the German Savings Bank Association (DSGV), for the German Banking Industry Committee.