The European Union is Accelerating The Development of A Digital Euro. With foreign cryptocurrencies and payment apps growing rapidly, the eu dosn’tn’tn’tn’t to Lose Time. The Digital Euro Should Give Europe More Control on Its Own Payment Transactions.
Notly, the EU is no longer just looking at a centally controlled digital currency. For the first time, Serious Consideration is Being Given to Having the Digital Euro Partly Run on Public Blockchains.
A Public Blockchain is an Open Digital Network Where Anyone Can Conduct Transactions and All Data is Visible and Verifiable To Everyone. Examples include Bitcoin and Ethereum. This would Allow the Digital Euro to Better Align with Exist Innovations in the Crypto World.
Critics warn that public blockchain’s present challenges in Terms of Privacy, Oversight, and Security. How Transactions Can Remain Sufficiently Anonymous, Without Opening Doors To Abuse Such As Money Laundering, is A Central Question.
The European Central Bank is Currently Conducting Tests. The goal is to start a first pilot of the digital Euro around 2026 OR 2027.