Two consumer groups, AGE and BEUC, have voiced concerns about financial inclusion not being given sufficient consideration in developing the digital euro. AGE is worried that financial inclusion is an afterthought in the central bank digital currency (CBDC) design. BEUC is concerned that using the same intermediaries, such as banks, is unlikely to achieve better financial inclusion outcomes. Part of the issue is a focus on smartphone usage.
AGE and BEUC expressed their opinions as members of the Euro Retail Payments Board (ERPB). It provides strategic input for eurozone payments and comprises European Central Bank (ECB) staff, payment providers and euro user groups.
“We fear that dealing with inclusion as a separate strand toward the end of the project development process will be very challenging and counterproductive,” wrote AGE.
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