EU perspective on private and central bank digital currencies

EU perspective on private and central bank digital currencies

‘European Union perspective on private and central bank digital currencies’ has become a trending topic in the last years especially due to disruptive technological shift towards digital payments and away from traditional banking services as we know it. During the rapid growth of several cryptocurrencies globally and locally different campaigns arose to support the ever-growing initiatives related to the implementation of a single centralized digital currency on a European level which would potentially serve all member states equally.

The main focus of this trend is increased engagement in not only public digital currencies but also privatized cryptocurrencies which had had a massive meaning in the lives of many people not only as tradable securities with massive volatility but also by representing this lucrative concept of extracting the middle man and embracing the decentralization idea behind the technology. European Union executives continue to explore ways to start developing and later on implementing the digital currency which would vastly improve the EU’s stand in the global scheme of financial systems and further support any future problems that could arise with the decreasing usage of fiat money. The pathway to a single digital currency in Europe tends to be complex with many adjustments along the way but with continuous assistance between member states and sufficient resources provided it could happen very soon and change our lives dramatically.

In the paper, we will elaborate on two main aspects of the digital currencies which are private and public, their usage, advantages as well as disadvantages, and many other exciting aspects about the rapidly emerging world of digital currencies not only in the European space but also globally.