European Central Bank probes digital euro for 2021 and beyond

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Updated September 21, 2022 | Published October 5, 2020

2 mins read

The report focused mostly on how a digital currency would impact payments in future, with some specificity to the retail sector.

While the broad strokes are there, the report doesn't focus on the form or mode of operation of a new digital currency.

The ECB is already looking to partner with qualified companies that could help the Central Bank to develop and test a digital euro product.

The report further added:

“The possible advantages of a digital euro and the rapid changes in the retail payment landscape imply that the Eurosystem needs to be equipped to issue it in the future.”

Europe has already placed several important conditions on the release of a digital euro currency.

The first one is to have a currency that is cost-efficient, saves money and bolsters investment, as well as leads to better transparency on the whole.

The ECB also warned that there are certain risks in monetary policy transmission and financial stability, noting that a potential digital euro would have to be restricted in how much money can flow to and from it.

Digital currency is already out there, and it has been successful.

The decentralised finance (DeFi) boom is just one example of how new technology can really change the way we experience payment methods.

The casino industry has already adopted digital payments.

Bitcasino.io, 1xBit, and FortuneJack are just a few example of gaming websites where you can play using cryptocurrency.

Love to gamble with crypto? We’d love if you took a couple of minutes to tell us about your favourites in our CGN survey

David

David is co-founder of CryptoGamblingNews.com, and has worked in the crypto gambling space since 2015.

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