Market News

The European Central Bank (ECB) has made an application to trademark "digital Euro" as it continues to make progress in potentially launching a central bank digital currency (CBDC).

An ECB spokesperson confirmed that the central bank had filed a trademark application on September 22, according to Bloomberg.

In late 2019 the ECB revealed that it was extensively assessing the viability and benefits of a digital currency, with it also being touted as a potential payment solution.

France’s central bank then confirmed it started testing its own version of a digital Euro in April following an announcement from China that revealed its central bank began experimenting with a digital yuan.

ECB president Christine Lagarde said in an address to the European parliament last week that a public consultation will be released in the coming days.

“The Eurosystem has so far not made a decision on whether to introduce a digital Euro. But, like many other central banks around the world, we are exploring the benefits, risks and operational challenges of doing so,” Lagarde said in a speech in September.

“We have a duty to play an active role in balancing the risks and benefits of innovation in payments, so that money continues to serve Europeans well.”