What is it, how will it work and when will you get

Let’s explain What is the digital eurowith all the information we have until the date of this new currency that wants to boost the European Central Bank. It is a digital version of El Euro that will not arrive to replace cash, but to coexist with it, but without depending on banking entities or private companies as with the current digital payments.

We are going to start the article explaining what the digital euro, its concept and what is expected of it is. Then we will explain to you How will it work This technology, and we will end up talking about the times and when it can come. We will update this article according to new information and there are advances.

What is the digital euro

The digital euro is An electronic version of the conventional euro that we use in cash in our day to day. Therefore, it is a virtual currency, although It is not a cryptocurrencysince the technology behind it is totally different.

This digital currency is being developed directly by the European Central Bank. Its value will be the same as that of tickets and coins, and will be considered public and safe money.

Its value will remain the same as that of the digital euro, so you will not have to worry about the ups and downs of alternatives such as cryptocurrencies. Nor can it be used to speculate Not to invest, it will simply be a digital version of normal money.

What this currency is looking for is Facilitate Internet paymentseither through the mobile as the browser. Therefore, it becomes a kind of alternative to the debit cards that you give when paying online, so that we no longer depend in Europe on the big brands of these, such as Visa or Mastercard.

The digital euro will not replace the euro in cashbut both versions of the same currency will coexist. When paying in person, you can do it with conventional currencies or with the digital euro, and time to pay online you can do it with this digital version. It will also help you to give money to friends or family.

How the digital euro works

You will be able to use the digital euro from any device, including your mobile phone. With him, you will be able to pay safely In any country in the euro zone. Therefore, if you are going to travel to these countries, you will have both the option of getting cash and using digital.

We will arrive with us on a card or in a digital wallet or wallet. This technology has not yet been developedbut the idea is that you can create one with your bank for free. You can also create your loading in establishments such as Correos.

The idea of ​​technology is that There are no technological barriers To be able to use it, since you will not need a mobile by force by also having a physical card to save your money. Another of your keys is to be a free service that you can use whenever you want.

There will be two ways to put money in your purse Digital euro. You can do it by sending money from your banking entity, or depositing cash. Once you do, you can use the digital euro for the transactions you want, without depending on the bank or private companies to pay or save your money.

This means that the idea is to have a payment method with an alternative card to those used by banks, and that they are normally from US companies. But with a system that also has mobile application or digital purse, just like your bank’s app. In addition to this, You can also send money to your contacts Just like you do with Bizum.

Another characteristic that are pursued in this phase of development of the digital euro is that can work without internet. Come on, if you are in an area without coverage or network connection, you can use the NFC technology of your mobile and the safe element chip to make payments.

The ECB says that Privacy will be the same as paying in cash. They can only access the details of the transaction people and businesses who have participated in it.

When the digital euro will arrive

There is still no date for the launch of the digital euro. The project was presented at the end of 2023, and at the time of writing these lines, in mid -2025, we are still in a “preparation phase” according to the European Central Bank. The foundations of how you want it to be, but have not yet been carried out.

Developing this digital currency is a technological challenge in which many elements intervene that must be controlled and regular, and you have to take many things into account. Come on, they go slowly to try to do well, and we are still in a phase of tests, experiments and information exchanges to decide the final path to follow.

One of the last steps of the project is to create an innovation platform where 70 companies, including 3 Spanish, can do tests and experiments in search of the best technology to carry it out. Therefore, Several years will still spend Until we see this project in our mobiles, and the card or wallet in our pockets.

In Xataka | The European Central Bank has been fighting for five years to literally create a “European Bizum”. Now has taken a key step