Financial Revolution in the EU: Digital Euro by 2025
The European Union is gearing up to introduce a digital euro
In the second half of 2025, the European Union plans to launch an innovative initiative – a central bank digital currency known as ‘digital euro.’ This project is stirring up a lot of emotions and controversies internationally, especially in the context of Germany – a strong economic power.
Germany’s doubts about the digital euro
The German public opinion is riddled with numerous doubts regarding the digital euro, primarily concerning financial security and a preference for using traditional cash. The older generation shows significant reluctance towards this new form of payment, fearing loss of control over their finances and dependency on modern technologies.
The European Central Bank working on the digital euro implementation
The European Central Bank is actively working on the implementation of the digital euro, focusing on advanced security and privacy features. The analysis process has been ongoing since October 2021, and starting from November 2023, the ECB is moving into the preparatory phase, which includes formulating rules, selecting platform developers and infrastructure, as well as conducting pilot tests.
Acceptance of the digital euro in other countries
The communal approach towards central bank digital currencies varies depending on the country. For example, Australia and Slovakia lean towards cash payments, while the Netherlands shows more favorability towards the digital euro.
Skeptics of the digital euro
In the United States, especially within right-wing political circles, there are voices of skepticism regarding the introduction of central bank digital currencies. Politicians from the right-wing factions, including former President Donald Trump and Florida Governor Ron DeSantis, express their negative stance towards CBDCs (Central Bank Digital Currency), announcing opposition to their potential introduction.
It is worth noting that the process of introducing the digital euro requires a cautious approach due to cultural differences and financial preferences prevailing in individual countries.
