Recent Advances in and Strategic Considerations for Digital Euro
In recent years,central banks have begun to launch central bank digital currency(CBDC),which,unlike private cryptocurrencies,are digital fiat currencies issued by monetary authorities.Against the backdrop of a shift in public preference for cashless payments,a change in the supplier structure of the payments market,and an increased risk of dependence on foreign payment instruments and technologies,the European Central Bank(ECB)put the development of a digital euro on its agenda.After its evaluation and investigation phases,in October 2023,the digital euro entered its preparatory phase,which paved the way for the issuance of the digital euro in terms of legislation and rule-setting.The ECB's strategic considerations include the following aspects:first,ensuring citizens'belief in the monetary anchor behind digital payments;second,strengthening the ability of the ECB to implement monetary policies and maintain financial stability;third,further promoting European integration;fourth,strengthening the strategic autonomy of the euro area by enhancing the area's independence from non-European payment solutions.As more and more central banks shift their attitudes toward CBDC from conservative to proactive,the digital euro will also have a profound impact on the international monetary system.
central bank digital currencydigital eurointernational monetary systemEuropean integration
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