The European Central Bank (ECB), is in the process of launchA prototype for the digital euro in 2023. Europe may soon have its digital currency (CBDC), central bank, within five years. The future digital currency is still in flux, however. It could be in what format? Is the ECB too late to the CBDC party, especially compared to other central banks such as that of the People’s Republic of China? These and many other questions can be addressed in this report. Cointelegraph auf Deutsch spokeJonas Gross (chair of the Digital Euro Association, DEA), and member on the Expert Panel of the European Blockchain Observatory and Forum.

Gross stated that central bank money is less risky than digital cash issued from a commercial bank. While a commercial bank could go bust, a central bank is able to print unlimited amounts of money in emergency situations. And, in times of crisis, people may want, at least in theory, to transfer all their digital money from a private bank to the central bank, which will mean the end of the commercial banks’ business.