After six years of intensive preparation, the European Central Bank (ECB) has come close to an important stage – the launch of the digital euro. Christine Lagarde, the head of the ECB, said that the technical side of the issue is almost ready, now everything depends on the legislative approval of the deputies of the European Union. This large-scale project is designed to radically change the European financial system.

The concept of the digital euro arose due to the rapid change in payment methods. Nowadays in Europe, people are paying more and more online or through applications, and they only get cash on special occasions. But the European Central Bank says that the digital currency will not replace ordinary money, but will exist with it. Moreover, the bank continues to work on new paper banknotes, showing that it is important for them that everyone has access to money, in whatever form it may be.

The scale of the technical side of the project is really very huge. It is planned that the digital euro will become a universal payment method suitable for anything from routine purchases to large international transactions. Special attention is paid to the development of a common cross-border platform capable of competing with private payment systems, but at the same time protecting the independence of the European financial system.

Financial analysts emphasize a number of important advantages of the new currency. First of all, it is the improved protection and clarity of all transactions. Next, reducing the binding to international payment platforms. And finally, the ability to adapt faster to the demands of the modern digital economy. But there are also serious reasons for concern, in particular, how this will affect the usual work of banks and what will happen to the confidentiality of personal information.

It will also be difficult to agree on rules and laws. Different opinions among EU member states and different views on the regulation of digital assets can greatly slow down the launch of a new currency.

No matter when the digital euro becomes a reality, one thing is clear: this is not just another way to pay, but a completely different concept of the financial system. How it shows itself – success or failure – will have a serious impact on the future of digital money and will set the direction for the development of the European economy for many years to come.