The European Central Bank took a further step on Wednesday towards launching a digital version of the euro that would let people in the 20 countries that share the single currency make electronic payments securely and free of charge. The ECB said it would start a two-year "preparation phase" for the digital euro on November 1, in which it would finalize rules, choose its private-sector partners and do some "testing and experimentation".
"So far, the ECB has not been able to clearly communicate the added value of the digital euro," said Markus Ferber, a German member of the European parliament for the conservative European People's Party.