Timing of the electronic issuance of the euro

Timing of the electronic issuance of the euro

The battle between the digital euro and other cryptocurrencies, such as Bitcoin, is expected to intensify across Europe until 2024 when the European Council plans to expand trade in the digital currency. Starting in 2024, Europe will promote the use of cryptocurrencies such as Bitcoin and other digital currencies.

At the moment, Europe's position on cryptocurrencies is unclear, so investors looking to trade in Europe should wait and watch. The draft European regulation simplifies the process of identifying approved suppliers based on different countries' regulations.

Unlike other cryptocurrencies, the European Central Bank plans to issue rulings on increasing the circulation of the digital euro in 2025. Banks will oversee these decisions. This digital euro, currently available to commercial banks, will be deposited by European and non-European people and companies in an account set up with the European Central Bank. The digital euro can be stored in a digital wallet outside the banking system, just like paper money.

All these issues, among others, have prompted the European Central Bank to make choices to increase its dealings with the digital euro. The European Central Bank has expanded trading in the digital euro as other central banks test their digital currencies, including the Chinese central bank, the Bank of France, and Facebook's Libra. For the first time in history, the number of consumers using debit cards will rise to a record level in 2020.