Digital Currency Could Increase Demand for Euro – ECB

The European Central Bank (ECB) said on Wednesday that creating a digital Euro (EUR) could boost global demand for the currency, making it easier for broader use, Reuters reported.

“Safety, low transaction costs and bundling effects, could ease international adoption of a currency.”

“Transparency or selective privacy would enable better compliance and know-your-customer checks to be implemented, thereby controlling illicit payment flows, for instance for large transactions.”

“These safeguards would strengthen the reputation and credibility of the digital euro.”

The European Commission, the European Union’s executive arm, has vowed to enhance the use of the single currency outside of the bloc.