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The European Central Bank (ECB) has announced the creation of an innovation platform that will simulate the digital euro ecosystem it intends to launch.
It will involve around 70 banking entities, including Bizum, CaixaBank and Iberpay, which have committed to collaborate with the ECB to explore the functionality and use of digital euro payments, such as the delivery of a parcel purchased over the internet, while also developing possible uses for everyday payments and exploring how to integrate the simulated digital euro interfaces with their platforms.
But what will the digital euro consist of and what will make it stand out among other means of payment?
As the Banco de España explains, the digital euro will be an additional means of payment - it will coexist with the banknotes and coins we know and its use will be voluntary for consumers.
It will allow everyday payments to be made both in physical shops, regardless of whether there is an internet connection, and online. It will be available to all citizens of the euro zone, guaranteeing users' privacy. Moreover, it will be possible to use it both in Spain and in any country in the euro zone, which, according to the Banco de España, will offer "a secure, efficient and complementary alternative to current means of payment".
Unlike other digital currencies, the digital euro is not a cryptoasset, which means that "its value will always be equivalent to that of cash and will be backed by the European Central Bank, which will ensure its reliability". Like cards and Bizum, issued by banks supervised by the Eurosystem, "the digital euro will have a reliable public issuer and a stable value".
The bank says that the digital euro will also provide an opportunity to strengthen the economic independence of the euro zone and a way to become less dependent on payment systems, such as Google Pay and Apple Pay, which are not European.
The members of the innovation platform will summarise their recommendations in a report, which the ECB will review in depth to inform its work on the digital euro project.
The visionaries' working group will also investigate new uses of the digital euro and how they could help address societal challenges, such as digital financial inclusion. The ECB notes that the possibility of opening a digital euro wallet at any post office could ensure free access to digital euro services, even for people without a bank account or access to digital devices.
The participating entities are expected to share and discuss their proposals with the ECB in workshops that will run until the end of this month.
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