ECB Begins Preparations for Possible Digital Euro Launch

ECB taking steps towards launching a digital euro for electronic payments in the 20 euro countries.

ECB starting 2-year preparation phase on Nov 1 to finalize rules, partners, and testing.

Digital euro aims to provide secure, free payments and compete with U.S. credit cards.

Concerns exist about digital euro weakening commercial banks and providing little improvement.

Adoption of electronic payments growing in EU, accelerated by COVID-19, prompting more central banks to consider digital currencies.