The history of the digital release of the Euro, 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, when the European Council intends to take the necessary measures to expand trading. its digital currency.
Starting in 2024, Europe will expand the use of cryptocurrencies including Bitcoin and the rest of the digital currencies.
As of this moment, Europe's position on dealing with this type of currency is still not at all clear, 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 identifying approved suppliers according to the regulations of different countries.
Digital release date in EUR
The European Central Bank is seeking decisions on the expansion of trading in the digital euro during 2025, which, unlike other cryptocurrencies, will be subject to banking supervision.
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 it is currently only available to commercial banks.
Similar to fiat currencies, the digital euro can be held 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 to use 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 of these, and more, prompted the European Central Bank to take decisions to expand handling of the digital euro.