ECB edges closer to CBDC as it trademarks ‘Digital Euro’

The European Central Bank has taken another step in launching its own CBDC after applying to trademark the term 'digital Euro'

The European Central Bank (ECB) has made an application to trademark “digital Euro” as it continues to make progress in potentially launching a central bank digital currency (CBDC).

An ECB spokesperson confirmed that the central bank had filed a trademark application on September 22, according to Bloomberg.

In late 2019 the ECB revealed that it was extensively assessing the viability and benefits of a digital currency, with it also being touted as a potential payment solution.

France’s central bank then confirmed it started testing its own version of a digital Euro in April following an announcement from China that revealed its central bank began experimenting with a digital yuan.

ECB president Christine Lagarde said in an address to the European parliament last week that a public consultation will be released in the coming days.

“The Eurosystem has so far not made a decision on whether to introduce a digital Euro. But, like many other central banks around the world, we are exploring the benefits, risks and operational challenges of doing so,” Lagarde said in a speech in September.

“We have a duty to play an active role in balancing the risks and benefits of innovation in payments, so that money continues to serve Europeans well.”

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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