The European Central Bank (ECB) and the euro-area national central banks have been conducting a series of activities since January 2020, including analysis and experimentation, towards the possible introduction of a digital euro. This would be a digital version of cash, issued and guaranteed by the Eurosystem. It would complement rather than replace euro banknotes and coins and be an additional payment option for euro-area citizens.
A digital euro would be the natural evolution of cash in the digital age, just as coins evolved into banknotes. It would be a secure means of payment, available free of charge to those wanting to make digital payments anywhere in the euro area, even without an internet connection or mobile phone services.
The difference between a euro banknote and a digital euro would be comparable to that between a picture in a digital photo frame and a print of it: the format would change but not the content.
A digital euro would not be a crypto-currency, as it would be backed by a central bank, with a stable face value and legal tender status; neither would it be an investment instrument but rather a means of payment for the benefit of the economy and society as a whole.
A digital euro would safeguard the stability of our currency in the digital age.
The digital euro project is currently in its preparation phase, which started in November 2023 when the investigation phase was completed. This does not mean a decision has been made on the possible issuance of a digital euro.
