ECB: The Success of the Digital Euro Depends on its Degree of Adoption
According to the document of the ECB on the key objectives of the issuance of its CBDC written by the head of the Central Bank, Christine Lagarde, and Fabio Panetta, a member of the Governing Council, the digital euro project will be successful only if the instrument is actively used.
According to them:
“The digital euro can only be successful if it enters the everyday life of Europeans. This will add value over existing solutions.”
The document states the digital euro is focused on the needs of users. They, in turn, value widespread acceptance, ease of use, low costs, high speed, security and protection of their rights.
The regulator has also noted the digital euro will protect its monetary sovereignty, providing a fallback solution as geopolitical tensions escalate. The CBDC will provide guarantees to maintain confidence in the issuer of the currency, the ECB.