So far, several countries have expressed tangible interest in the idea of developing central bank-backed digital currencies (CBDCs). The European Union has also talked about the potential release of a digital euro, although no actual plans were publicly announced.
Recently, the European Central Bank (ECB) published a 50-page report highlighting the main challenges that the institution would have to deal with, in order to make the digital euro a reality.
According to a statement made by the President of the ECB, Christine Lagarde, “Europeans are increasingly turning to digital in the ways they spend, save and invest (...) Our role is to secure trust in money. This means making sure the euro is fit for the digital age. We should be prepared to issue a digital euro, should the need arise.”