But amount still open
There will be a maximum balance for the digital euro
The European Central Bank (ECB) does not want to set a maximum credit limit for users of the digital euro until the digital currency is about to be introduced.
In an interim report on its work on the digital euro, the central bank announced that the ECB will also consult with traders, consumers and banks when determining the maximum balance limit. Initial discussions have already taken place and more will follow in the coming months.
Amounts between 500 and 3000 euros under discussion
The ECB wants to take both monetary policy and economic aspects into account when making its decision. At the beginning of June, Bundesbank Executive Board member Burkhard Balz said in an interview with the German magazine "Focus" that amounts between 500 and 3000 euros were currently being discussed for the maximum balance.
The euro digital money as a supplement to cash is intended, among other things, to counter the increasing competition in digital payment transactions from US companies such as Paypal or Apple Pay and the advance of cryptocurrencies such as Bitcoin.
ECB gave the green light in October
In October, the ECB gave the green light for the next steps towards a digital euro. In this preparatory phase, the regulations are to be finalized and providers selected for the development of the platform and infrastructure. This phase began at the start of November and is initially scheduled to last two years.
In a letter to Irene Tinagli, Chair of the EU Parliament's Economic and Monetary Affairs Committee (Econ), ECB Director Piero Cipollone called for the legislation in the EU to be completed quickly. This is crucial "to give people the freedom to use a digital, public means of payment anywhere in the euro area and to strengthen collective resilience and autonomy," wrote Cipollone.
The EU Commission presented its legislative proposal for a digital euro in June 2023 and had assumed that it could be put into circulation in 2028 at the earliest.
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