In 2021 the Governing Council of the European Central Bank (ECB) decided to launch the research phase of a digital euro project, which in a first phase aims to address key issues related to design and distribution. A digital euro must meet the needs of European citizens and at the same time contribute to preventing illicit activities and avoiding any undesirable impact on financial stability and monetary policy.
As a member of the Eurosystem, Banco de Portugal actively participates in the ongoing work of the digital euro project🇧🇷 This project is currently in the research phase, which started on October 1, 2021 and is expected to last for 24 months. At this stage, the functional and technical designs of the digital euro will be studied and the impacts associated with its eventual issuance will be assessed. To be issued, the digital euro will be the Central Bank Digital Currency of the Eurosystem.
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With the aim of obtaining the vision of different players in society regarding the main options regarding the design and distribution of a potential digital euro and the opportunities that the introduction of the digital euro could bring to the different agents and sectors of activity involved in the market of national payments (consumers, merchants, payment service providers and payment acceptance infrastructure providers), Banco de Portugal decided to set up a Market Contact Group on the Digital Euro.
The members of the Market Contact Group on the Digital Euro were selected by Banco de Portugal, based on their professional experience and connection to the financial system and, in particular, to the payments area.
At the 1st meeting of the Market Contact Group on the Digital Euro, members' perspectives on some of the topics under discussion within the scope of the digital euro project were presented, namely, the use cases considered priority and the advantages and disadvantages associated with different digital euro design options.
