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Related Pages
What is a digital euro?
Related links
A digital euro is a retail central bank digital currency (CBDC) that could be issued in the future by the European Central Bank, together with the national central banks of the euro area.
If issued, a digital euro would be a new form of central bank digital currency, issued by the Eurosystem, as a complement to cash. As with euro banknotes and coins, a digital euro would be a Eurosystem liability, making it a risk-free payment instrument for the user. It could be used by the general public (people and businesses) for everyday payments, just like with cash, except digitally.
The Eurosystem has set two main objectives for the issuance of a digital euro:
- A digital euro should be an anchor for the payment system.
With the use of cash declining, a digital euro would preserve general public access to central bank money, making it more relevant and increasing the efficiency of payment systems. The payment market rests on a hybrid model, where central banks provide the monetary base (cash and central bank deposits), while payment service providers (e.g. banks) provide payment solutions based on commercial bank money to people and businesses. The possibility of converting, at any given time, commercial bank money into central bank money creates and preserves trust in the currency and protects its role as unit of account. This is how central bank money (either in physical or digital format) acts as an anchor, safeguarding financial stability, price stability and the smooth operation of payment systems.
- The issuance of a digital euro should contribute to promote the strategic autonomy and economic efficiency of the euro area.
The issuance of a digital euro would reduce dependence on non-European payment solutions and infrastructures and increase the resilience of the euro area’s entire payment ecosystem. It would also promote innovation in payment systems, allowing intermediaries to offer additional payment services based on a digital euro.
For people, a digital euro would be:
- the only universally accepted digital payment solution in euro across the euro area. A digital euro would be accepted for payments at any time and in any part of the euro area;
- a digital means of payment with the advantages of cash. It would be possible to pay in central bank currency when cash is not an option (i.e. in e-commerce and remote person-to-person payments), with a high degree of privacy, free access to basic services and offline availability;
- a payment solution with assured privacy. As a general rule, data from a given transaction would be known solely by those involved in the payment. The Eurosystem would not know the identity or the payment patterns of digital euro users. Data would only be shared for combating money laundering and terrorist financing, and fraud prevention and control;
- always available to everyone, making it possible to pay with central bank currency in any situation (physical stores, online and between individuals). To this end, solutions would be made available that are technologically simple, easy to use and multilingual.
For merchants, a digital euro would:
- make payments more efficient and affordable. A payment solution accepted throughout the euro area would make merchants’ lives easier. A digital euro would represent an additional payment option available to merchants, giving them more freedom of choice, with a potential reduction in associated costs;
- allow for a higher level of sales, as the final consumer would have an additional way of paying;
- make it possible to receive funds instantly. Funds would be directly credited to the merchant’s account.
For supervised financial intermediaries, a digital euro would:
- enable more innovation and an enlargement of their services’ area of distribution. Creating European standards for a digital euro would motivate intermediaries to develop innovative payment solutions with greater geographical reach (i.e. for the European market, not only for domestic markets) and the possibility of financial return;
- allow a market share increase in e-commerce;
- decrease dependence on non-European providers, with a potential reduction in costs.
- ECB’s webpage on a digital euro
- European Commission’s webpage on a digital euro
- Mandate of the Portuguese Digital Euro Market Advisory Group (in Portuguese only)
- Members of the Portuguese Digital Euro Market Advisory Group (in Portuguese only)
[Jun. 2024] First progress report on the preparation phase of a digital euro
[Oct. 2023] ECB press release on the launching of the digital euro preparation phase;
[Oct. 2023] Brochure: “Digital euro - The next step in the advancement of our currency”;
[Oct. 2023] “A stocktake on the digital euro - Summary report on the investigation phase and outlook on the next phase”;
[Oct. 2023] One-page overview and trifold ECB brochures on a digital euro;
[Jul. 2023] “Progress on the investigation phase of a digital euro – fourth report”;
[Jun. 2023] Digital euro legislative package;
[May 2023] “Market Research Outcome Report”;
[May 2023] Report: “Digital euro — Prototype summary and lessons learned”;
[Apr. 2023] “Progress on the investigation phase of a digital euro – third report”;
[Mar. 2023] “Study on Digital Wallet Features”;
[Jan. 2023] “Digital euro market research” and annexes (“Annex 1” and “Annex 2”);
[Dec. 2022] “Progress on the investigation phase of a digital euro – second report”;
[Sep. 2022] “Progress on the investigation phase of a digital euro” – first report;
[Apr. 2022] European Commission's “Targeted consultation on a digital euro”;
[Mar. 2022] “Study on New Digital Payment Methods”;
[Jul. 2021] ECB press release on the launching of the investigation phase;
[Apr. 2021] “Eurosystem report on the public consultation on a digital euro”;
[Oct. 2020] “Report on a digital euro”.
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Porque é que precisamos de um euro digital? 💶
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Porque é que precisamos de um euro digital? 💶
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