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Digital currency

Early 2023 will be blessed with a digital euro because a bill for a digital euro will be proposed the following year. EU finance chief Mairead McGuinness has mentioned in a conference reported by the politico that the European Union would conventionally go for legislation around a digital euro next year. This new digital Euro will be nothing but the EU's version of a central bank digital currency, i.e. CBDC. 

A central bank digital currency is a fiat currency that is on the side of a country's central bank. For example, you can consider Euro, US Dollar as the central bank digital currency. When this digital Euro comes to public notice, it will be launched by the European central bank. 

European lawmakers have also stated various monetary benefits of these kinds of digital Euro. For example, the European Central Bank's president, Christine Lagarde, mentioned the security measures of these digital Euros. He stated that these digital Euros would work as an alternative to any digital currencies like bitcoin or others. Also, this will work as the legal foundation of the European central bank, and it will help in various technical works on the digital version of a euro banknote or coin.

Central banks from various countries have decided to launch these kinds of digital money so that the highly growing marketability of cryptocurrencies will not excavate the original currencies. The European central bank has decided to experiment with the digital Euro so that all the circumstances of this digital Euro come to an eye. If every security measure the convenience of usage goes well, then people will be able to use this new digital Euro as early as possible (hopefully, it will be early 2025)

A few countries also took this decision of digital currency for their region to safeguard themselves from the cryptocurrencies like China, India, etc. 


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