What is the digital euro that the European Central Bank is working on?

The European Central Bank is working on a ‘digital euro’. Several serious studies are already underway into a digital form of central bank money, but not much is known about it yet. In this article we look at what a central bank digital currency is.

How much cash do you have left at home? A few bucks maybe? Probably not enough to pay your rent or mortgage month after month and it’s impractical too. Your money nowadays is mainly as zeros and ones in a bank account. Several central banks, including the European one, now want their own digital currency, but this is very different from the digital money you store in your ING or Rabo account. And it probably won’t be a cryptocurrency at all.