Changes to payments have been brewing for a while now. But, while the impact of a major digital currency, like the planned digital Yuan, is expected to be substantial, no one is quite sure exactly how this will impact global economics.
Increasingly, there are calls from other major economies to keep pace with both other countries, of which China appears to be at the forefront, and private stablecoins - or risk being pushed out of prominence. The Digital Euro Association (DEA) is a group that was started to drive innovation, collaboration, and education around the development of a digital payment system for the Euro Area. We spoke with Jonas Gross, a leader in Central Bank Digital Currencies, stablecoins, and cryptocurrencies research and Co-Founder of the DEA, about why it's so important for the ECB to release a programmable digital currency and how this could look.