Finance Monthly September 2021 Edition

by attempting to limit the use of rival means of payment. This will not be a quick process. The next two years will be spent on design and tests, followed by a launch three years later. However, the announcement highlights that traditional fiat currency won’t be the sole payments method in years to n July, the European Central Bank (ECB) announced its plans to launch a digital currency. In response to a rise in online payments and the potential threat that could come from others issuing a digital means of payment, the ECB has decided to press ahead with its own digital currency. This aims to help protect its monetary sovereignty come. Of course, this move does not mean the same will happen for the UK, but with Rishi Sunak and the Bank of England making warm noises about digital currencies, it’s unlikely the UK won’t follow suit. Of course, there are many questions swirling around digital currencies – namely if they’ll be a FRONT COVER FEATURE - DIGITAL CURRENCIES 11 www.finance-monthly.com