ECB President Christine Lagarde confirmed that the digital euro will be developed to provide equal access for all citizens, drawing inspiration from China's success.
China's Experience as a Model for Digital Euro
The ECB is actively studying China's successful experience in the mass adoption of digital currency. The digital yuan is already being used by millions of citizens, including small businesses and retail users. The ECB sees this as a basis for achieving similar scale and inclusivity across the eurozone.
Digital Euro as a Strategic Tool
Beyond domestic usage, the ECB views the digital euro as a strategic tool to reduce Europe’s dependence on the U.S. dollar and strengthen the EU’s position in international finance. Close cooperation with China's central bank has already informed parts of the ECB's planning process.
Fundamental Principles of Digital Euro Development
The ECB continues consultations and pilot testing, while ensuring that the digital euro complements existing cash systems. Key concerns like privacy, fairness, and accessibility remain central to its design.
By signaling its intent to deliver a practical and competitive digital currency, the ECB is following China's proven rollout strategies.
