The digital euro project will only be successful if the instrument is actively used. Indicated in this document ECB About the main objectives of the CBDC issuance.

We are responsible for maintaining the integrity of money and payment systems for the benefit of citizens. A digital euro can play a decisive and beneficial role in this effort by serving the public interest in the transition of our society and economy to the digital age https://t.co/ykZtJSuYUp

– Christine Lagarde (@Lagarde) 13 July 2022

The authors of the article were Central Bank governor Christine Lagarde and Governing Council member Fabio Panetta.

“The digital euro can only succeed if it enters the daily life of Europeans. This will add value over existing solutions.” they said.

The document states that the digital euro focuses on the needs of users. In turn, they value widespread acceptance, ease of use, low cost, high speed, security and protection of their rights.

The regulator also stated that the digital euro will maintain its monetary sovereignty and provide a fallback solution as geopolitical tensions escalate. The CBDC will provide assurance that the ECB, which issues the currency, will remain credible.

The regulator hopes to complete the review phase of the digital euro in the fall of 2023. Until then, the Central Bank will provide additional details.

Recall that the attempt to issue a digital euro appeared in November 2019. In October 2020, the ECB published a comprehensive report on this topic.

In May 2022, Fabio Panetta authorized the release of the CBDC until 2026.

Later, the official said that the ECB will limit the issuance of digital euros to 1.5 trillion.

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