The European Central Bank yesterday published the first results of its study on the digital euro.
The regulator originally planned to conduct a study within the next two years. Its first phase focuses on design and regulatory policy issues.
The bank analysts have concluded the largest use of the digital euro will be in the retail sector, as residents of the Eurozone will use this token when paying for goods and services.
According to the report:
“The digital euro will retain the role of the state currency as the backbone of the payment system in the digital age.”
The ECB is confident that the central bank digital currency will be able to coexist with the traditional financial system and even be able to supplement it.