The demand for and diffusion of international digital assets also used for payments (digital currencies) issued by the private sector, including stablecoins, are rising too. They can bring opportunities on the one hand, but on the other hand they are raising concerns, as their issuers cannot guarantee the certainty of the value of the payment instrument they offer to consumers.
Central banks, including the ECB in collaboration with national central banks, are also analysing and considering issuing their own digital currency (central bank digital currency, CBDC) in order to satisfy the emerging and changing needs of people and corporates for digital forms of money. As a central bank, we are actively involved, and we are also assessing the related opportunities and risks.