As the public continues to search for more solutions to digital payment, the quest for central bank digital currency (CBDC) grows stronger. In order to meet the increasing demand for digital money, the German’s Federal Minister of Finance, Olaf Scholz, urged the European Central Bank on Friday to step-up their preparation for the digital Euro. Digital currency would play a very important role in improving both local and international payments, he explained.

Central bank digital currency comes with its benefits for the users. Launching a digital Euro would also raise the competition for other digital payments, including cryptocurrencies and internet banks. A digital Euro can enable the public to process payment both online and possibly offline, as the minister explained.

European Central Bank is among the biggest central banks with plans to launch a digital currency. ECB announced, earlier in November, it would open public consultation for the proposed digital Euro. The program was aimed to ascertain the minds and knowledge of the public about CBDCs and possibly challenges associated with them.

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