Central Bank Digital Currencies (CBDCs) have received more attention in recent months as authorities and legislators throughout the world experiment with and test this technology.
According to recent reports, the European Commission has been contemplating the prospective introduction of a digital euro since April. The concept was even tweeted about by the commission. Fabio Panetta, a member of the European Central Bank’s executive board, said in June that the digital euro will be limited to 1.5 trillion.
Also read: Cardano ADA Price Prediction for March 2023
Now, according to the latest document by the European Central Bank, a digital euro will give more priority to peer-to-peer payments and online purchases.
Other usabilities for Digital euro will be rolled out later
The document that was unveiled for a meeting on Wednesday stated that the digital euro will be utilized for other purposes, including tax payments, welfare payments, and physical merchant payments, in a later stage, or the second level of development.
“Further work on detailing the rollout approach, including an analysis of the implementation effort and timelines, and align it with the results of the market research.”
Also read: Twitter: How to Keep Your Account Safe
The details from the document reveal that the initial focus will be on peer-to-peer payments and e-commerce. CBDCs are gaining traction worldwide, with several governments beginning pilot testing.