The digital euro aims to let people send electronic money without using a bank
The European Central Bank is developing a digital euro to provide citizens with a public electronic currency that functions like cash, bypassing the need for traditional commercial bank accounts.
The digital euro aims to modernize European finance by offering an electronic version of cash issued directly by the central bank. Currently, private companies like Visa and Mastercard dominate over 60% of EU card payments. By creating a sovereign digital currency, the EU hopes to increase competition and allow people to send money instantly via smartphones, even without an internet connection in some versions.
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