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Yusra31
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Experts have expressed concerns about the euro's uncertain future a week after the European Central Bank (ECB) chose to move on with its plan to establish a digital form of the currency. The ECB's Governing Council approved the project's next phase, the "investigation phase," on July 14. The stage will span 24 months, during which time critical design and distribution challenges will be addressed.
The outcome is not apparent now and might not be for a long time,says Hugo Coelho, former chief of staff to Eurogroup President Mario Centeno and partner at Forefront. The Eurogroup is a loosely organised but politically significant gathering of finance ministers from the 19 EU member states that have embraced the euro.The digital euro is designed to reflect euro notes and coins in computer form, according to what we know so far.It will however be stored directly in accounts issued by the ECB, rather than at commercial banks, unlike current bank money.The central bank aims to utilise it as an additional payment method, but has stated that it would not be used to replace regular currency.
The outcome is not apparent now and might not be for a long time,says Hugo Coelho, former chief of staff to Eurogroup President Mario Centeno and partner at Forefront. The Eurogroup is a loosely organised but politically significant gathering of finance ministers from the 19 EU member states that have embraced the euro.The digital euro is designed to reflect euro notes and coins in computer form, according to what we know so far.It will however be stored directly in accounts issued by the ECB, rather than at commercial banks, unlike current bank money.The central bank aims to utilise it as an additional payment method, but has stated that it would not be used to replace regular currency.