The ECB Will Complete Study of Potential of its CBDC Next Year

The European Central Bank (ECB) plans to complete its research on the digital euro by the end of 2023. According to an ECB report published in the middle of this week, after that, it will present a formal CBDC concept.

Its authors believe that the regional digital currency will only benefit the EU’s financial sector if the use of the token is widespread and pervasive.

It is still too early to work on the design of CBDC. A model for testing and phased implementation of the digital currency needs to be formed.

Per the report:

According to our research, ordinary users appreciate the ease of use of the digital euro, low transaction costs, security and high speed.