The European Central Bank is working to eliminate German skepticism about the digital euro currency.

The European Central Bank has tried to allay Germany's concerns about the digital euro, saying on Thursday that this form of electronic money will not harm depositors or banks, according to Reuters. The European Central Bank is exploring the digital version of the euro over the next five years to counter competition from cryptocurrencies like Bitcoin and securities like Facebook have claimed Diem. But the German Bundesbank, a major wholly-owned subsidiary of the European Central Bank, was not happy with the digital euro, and the popular Focus newspaper wrote that the digital euro "could have serious consequences for investors." .