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The digitalization of global processes could not pass by the major world currencies. Earlier, experts discussed the possibility of putting a digital dollar into circulation, and now it's the turn of its competitor in the EUR/USD pair – the euro.
In the near future, the probability of a digital equivalent of the euro is very high. The monetary authorities of the European Union are considering the feasibility of introducing such a means of payment. Last month, the ECB filed an application with the EU intellectual property office EUIPO to patent the term "digital euro". Last Friday, October 2, the regulator announced the start of experiments related to the development of digital EUR.
Issues related to the creation of the digital euro were raised at the end of 2019. Experts believe that the first step in implementing this project is to create a bank account fully backed by ECB funds. The money needed to cover this deposit can be raised by purchasing outstanding Eurozone government bonds.
After the formation of the deposit, secured by the regulator's money, they should be directed to the development of digital EUR. This will help the euro to gain stability and gain a foothold in the market as an official cryptocurrency (stablecoin). Only the ECB will be responsible for the emission of the digital euro, not commercial banks. Among the functions of the new coin, the possibility of implementing a smart contract should be provided.
Unlike other virtual currencies such as Bitcoin, Ethereum, or Libra, the digital euro will not only be backed by the ECB's obligations, but will also be able to supplement its paper counterpart. This will make the cryptoeuro less volatile than other virtual assets. The market expects security and guaranteed safety of client funds from the digital EUR. The ECB emphasized that the new means of payment will be assigned the function of a reserve currency in case of failure of traditional payment systems.
Soon, the monetary authorities of a number of countries will face the question of choosing fiat or digital currencies. The choice will depend not only on traditional factors (liquidity, stability, convertibility) but also on other aspects that the technological world dictates. This argument can be decisive, and the scales will tilt towards digital money. Then the leaders will be digital analogues of the dollar or euro, experts are sure.
Virtual currencies issued by leading tech companies will gain an edge over official means of payment. The digital EUR issued by the ECB will be strong enough to compete not only with other digital money but also with the market leader USD. If a balanced financial system is created, where the key role is assigned to the euro, the world economy will benefit. However, to solve this problem, it is necessary not only to introduce innovations, but also to improve the structure of the eurozone, experts say.
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