ECB Eyes Digital Currency in the Light of Payment Failure

The European Central Bank is all set to launch its own digital currency in view of cash depletion in cross-border retail payments. The ECB published a mandate on Wednesday claiming that innovation of technology has resulted in short of cash payments as digital payment solutions are garnering more importance. As a result, ECB plans to release Central Bank Digital Currency (CBDC) so that the general public can use ECB services even if fiat currency would lose its credit eventually. The central bank further claims that CDBC might change the way how the money will change hands in the future.