Proceedings of The 5th International Conference on Research in Management and Economics
Digital EURO: The Impact of Digital Currency on Startups
Athanasios Davalas, Yannis Charalabidis
New technology is an important source for startups to generate ideas for their own business. The already technological revolution led by IoT, AI is about to be combined with disruptive technologies such as blockchain. The synergy of these technologies will dramatically reshape the current economic environment and will create new business opportunities for startup businesses. Indeed, the speed of innovation has led to increased preference for digital payment by citizens, and thus Central Banks like the European Central Bank (ECB) plan to enter the digital currency world, for example Digital Euro in the euro area.
Although digital currencies will not replace other forms of payment but will complement them, it is important for the startup stakeholders to understand these new concepts and use them to build new business models. In other words, Digital Euro or any other Digital Currency is associated to blockchain technology and blockchain combined with new disruptive technologies of IoT, and AI introduce a new thinking method into the business models of the startups. In this paper we present this thinking method and how a ‘Programmable Digital Euro’ integrated into existing processes of retail banks can provide new prospects for startup businesses.
keywords: digital euro, startups, digital currencies, blockchain.