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Digital euro: A Eurosystem project to create a retail central bank digital currency (CBDC). The digital euro is set to become the electronic equivalent of cash, issued and backed by the European Central Bank. Once operational, it will provide all euro-area citizens with an additional means of payment for person‑to‑person transfers, purchases in shops and online transactions within the euro area. The digital euro will also support proximity payments, even without a network connection. The project envisages the creation of a dedicated payment infrastructure based on European technologies and governance arrangements.
Drawee: The bank, or other authorized entity, which holds the account on which the cheque is drawn.