James O'Doherty, senior associate: "On 28 April 2021, the Central Bank hosted a webinar entitled "The Future of Retail Payments" with speakers from the Central Bank, the European Commission and industry who gave an overview of technological innovation and strategic policy developments within the retail payments sector.
In her address to the webinar, Sharon Donnery, Deputy Governor of the Central Bank placed particular emphasis on the work being done at a European level in respect of a Digital Euro. According to the European Central Bank ("ECB"), a Digital Euro will combine "the efficiency of a digital payment instrument with the safety of central bank money" and "avoid dependence on digital means of payment issued and controlled from outside the euro area, which might undermine financial stability and monetary sovereignty". Ms Donnery noted that the ECB has concluded its public consultation on a digital euro and that the key issues raised in the consultation were privacy, security and broad usability. She advised that the Eurosystem will "carefully consider these elements as it prepares to decide on initiating a digital euro project this summer" stressing that "if a digital euro were to be issued in future, it would exist alongside cash". Matheson will monitor the developments in this space and update clients in due course."
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