Much like other central banks, the ECB wants to offer consumers digital tender that is as safe as physical cash.Unlike bank deposits, a claim on central-bank reserves carries no credit risk.Digital-currency transactions could be settled instantly on the central bank's ledger, rather than using the pipes of card networks and banks.That could provide a back-up system in the event that outages or cyber-attacks cause private payment channels to fail.The bank also sees a digital currency as a potential tool to bolster the international role of the EURO, which makes up just 20% of central-bank reserves globally, versus the dollar's 60%.It could let foreigners settle cross-border transactions directly in central-bank money, which would be faster, cheaper and safer than directing them through a web of "correspondent" banks.That could make the digital EURO attractive to businesses and investors.Its main draw may be to offer a level of privacy that neither America nor China can promise, says Dave Birch, a fintech expert.The former uses its financial system to enforce sanctions; the latter seeks control.But getting the design right will be tricky: the European Union still wants to be able to track cash that is being laundered or hidden to dodge taxes.One fix could be to let users open e-wallets only once they have been vetted by banks, but for the use of the digital currency itself to be unmonitored.