Today the European Central Bank published a report on new digital payment methods as part of its preparation for potentially issuing a central bank digital currency (CBDC), the digital Euro. ECB Director Fabio Panetta also shared some hints about the central bank’s current thinking on the digital Euro.
The central bank announced a two-year CBDC research project in July 2021. Today’s report was based on focus group interviews with more than 2,000 members of the general public and much smaller numbers of tech-savvy participants, merchants and the underbanked.
A key takeaway is that any new payment method has to offer “compelling advantages” over current options. This was reinforced by the finding that few members of the general public or the tech-savvy group have recently sought new payment methods.
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