Euro digital release date, and its future among other cryptocurrencies
It seems that the competition between the digital euro and the rest of the cryptocurrencies, including Bitcoin, will flare up in Europe in the coming years, or at least until 2024, the date when the European Council intends to take the necessary measures to expand trading in its digital currency.
Starting in 2024, Europe will expand the use of cryptocurrencies including Bitcoin and the rest of the digital currencies.
Up to this point, Europe's position on dealing with this type of currency is still not clear at all, so investors who want to trade crypto assets in Europe will have to wait and see.
Currently, it is known that the draft European regulation provides for a simplified procedure for the identification of approved suppliers according to the regulations of different countries.
Euro digital release date
The European Central Bank seeks to take decisions on expanding trading in digital euro during 2025, which will be subject to bank supervision, unlike other cryptocurrencies.
European and non-European individuals and companies will be allowed to deposit this digital euro into an account opened with the European Central Bank, while the matter is currently only available to commercial banks.
Similar to fiat currencies, the digital euro can be kept outside the banking system, in a digital wallet.
The reasons that prompted the European Central Bank to decide to expand trading in the digital euro
- In recent years, some central banks have begun to test their own digital money, as the Chinese Central Bank began offering experiments with the use of digital currency in four cities in April, and the Bank of France began offering similar experiments, and Facebook worked to establish its digital currency "Libra."
- The record rise in the number of consumers during the year 2020 via exchange cards, which occurs for the first time, in addition to the inflation of online payments, especially after the outbreak of the Corona virus, Covid-19.
All these matters, and others, prompted the European Central Bank to take decisions to expand dealing with the digital euro.