The European Central Bank launched a public consultation on the digital euro on the 12th, aiming to listen to the public’s opinions on the digital euro project and assess its needs.

The European Central Bank has set up a public consultation topic on the homepage of its website, and people can register for a personal account by email to participate in the survey. The survey is divided into two parts. The first part is for the general public, and the second part mainly seeks the opinions of experts from the financial industry, technology companies and academia.

The European Central Banks wrote in the questionnaire that the digital euro will be an electronic form of central bank currency that can be used by all citizens and companies, so that daily payments can be made in a fast, convenient, cost-free, and safe manner. The digital euro will coexist with cash, not replace it.

Fabio Panetta, member of the Executive Committee of the European Central Bank, told the European Parliament that the introduction of the digital euro is not only a technical issue. The value of the currency stems from the trust of the people, and the public’s acceptance of digital currency is very important.

Panetta said that around the design of the digital euro and related financial and social issues, the European Central Banks will solicit extensive opinions through public consultation. After that, the European Central Banks Council will decide in mid-2021 whether to launch a mature digital euro project. The project will clarify the specific characteristics of the digital euro and prepare for the launch of the digital euro.