European Central Bank can further explore digital benefits in 2021

According to a statement from the European Central Bank on the 2nd, the European Central Bank will decide whether or not to launch the digital euro project by mid-2021.

The report notes that the digital euro currency can offer the citizens of the euro area positive benefits. The proclamation of the digital euro currency will facilitate the digitization of the European economy and the independence of the European Union to combat the declining role of cash as a means of payment. The new monetary policy will reduce the risk of existing payment services, increase the euro's global reach and improve the overall cost of the economy.

European Central Bank President Lagarde said Europe's food, economy and business practices have gone digital. The European Central Bank will make people trust the euro for the digital age. "If necessary, we should prepare a digital declaration on the euro."

The European Central Bank will hold a public consultation on October 12 to seek the views of the public, universities, financial institutions and the public sector on the digital euro plans for demand. Other internal evaluations were also carried out in parallel.