There has been slight progress with regard to the European Central Bank’s (ECB’s) digital Euro project as the bank has now entered into the second phase of the project. But the project is being criticized by critics as the ECB has so far not revealed any design and scope of the digital Euro.
After ECB had announced its interest in developing digital Euro, it took less than a week for critics to criticize the project. They said that already too much time had been wasted by ECB to finally come to a consensus of establishing digital Euro for the Eurozone. However, it has been more than a month that the bank has publicly informed what would be the design of the digital Euro. In addition, the project is covered in mystery as no plan with regard to digital Euro was revealed by ECB, said critics.
Earlier on the 14th of July, 2021, ECB informed that it had successfully completed the first phase of the digital Euro project. In addition, it told that the project has now entered into the second phase of its development. The bank said that the second phase will be completed within a period of two years approximately. It was further told that the second phase is most important as it will provide for the project design and plan.
However, according to critics, almost a week has been passed but no further information was provided by the bank. As performer Chairman of the bank, the outcome of the digital Euro project is still shrouding in mystery. Hugo Coelho stated that for the time being the project remains glaringly unclear. He suggested that continuous dissemination of the information relating to the project is crucial for the future success of the digital Euro.
So far what has been revealed by ECB suggests that the digital Euro is going to be in the form of digital coins and notes. In addition, the digital Euro will be kept by the owners in their dedicated accounts provided by ECB itself. However, no commercial bank within the entire Eurozone would be authorized to provide for digital Euro accounts.