The European Central Bank (ECB) is reportedly the latest member of the pro-crypto financial entities list, with its initiative to roll out a “project to prepare for possibly issuing a digital euro”. 

Specifically, the ECB reportedly shared via Twitter that they are exploring the creation of a digital euro, with the architecture behind it will be particularly tweaked to possess a negligible environmental footprint, in comparison with Bitcoin and different virtual assets. 

The ECB’s governing council has reportedly kickstarted the investigation process dedicated to a digital euro initiative. This stage is scheduled to run for 24 months, throughout this time Eurogroup will spend resources on creating a digital currency, revolving around “users’ preferences and technical advice by merchants and intermediaries.”

The ECB reportedly disclosed additional information via their statement, emphasizing their successful effort in determining different measures to establish protection for its users’ privacy, in line with the country’s GDPR requirements. 

“It has also shown that the energy needs of the infrastructure would be negligible compared with the energy consumption and environmental footprint of crypto-assets, such as bitcoin (BTC).”

Fabio Panetta – a member of ECB’s executive board members – reportedly offered a further explanation to the matter, claiming that the success of the digital euro will have majorly relied on the value it adds for “people, merchants and financial intermediaries in the euro area.”

The United Arab Emirates reportedly also disclosed its initiative to explore the roll-out of a digital version of the national fiat currency. With a plan running for three years (2023-2026), the Central Bank of the UAE plans to secure a spot in the list of top 10 financial key players globally.