European Central Bank seeks to calm Germany's concerns about the Digital Euro

The European Central Bank is seeking to assuage Germany's concerns about the launch of the digital euro, saying that this form of electronic cash will not be used to punish savers or turn the banks around, as the European Central Bank is considering launching a digital version of the euro within the next five years.

Germany strongly opposed the launch of a digital version of the euro, Bundesbank officials made clear that the digital euro could pose risks to banks and the famous Focus magazine wrote that the digital euro would be "catastrophic for savers". The European Central emphasized that the digital euro could be designed not to compete with bank deposits, referring to pre-set plans to determine the maximum amount each citizen can hold or penalize balances that exceed a certain limit.