A digital euro would be an electronic version of euro notes and coins, issued by the ECB and held in a digital wallet. Photo: Daniel ROLAND / AFP/FileSource: AFPPAY ATTENTION:The European Central Bank moved closer to creating a "digital euro" Wednesday by greenlighting the next stage in the project, even as questions persist about the potential benefits and risks. A digital euro would be an electronic version of euro notes and coins, issued by the ECB and held in a digital wallet. "We envisage a digital euro as a digital form of cash that can be used for all digital payments, free of charge, and that meets the highest privacy standards," Lagarde said. But critics say there is no clear rationale for a digital euro given the many cashless payment options available already, while commercial banks worry about customers shifting their funds over to digital euro accounts and wallets.

Source: Daily Nation October 18, 2023 15:13 UTC