The European Central Bank Set a Release Date of the Digital Euro

European Central Bank board member Fabio Panetta said the ECB could issue a digital euro (CBDC) before 2026.

During a speech at the National College of Ireland, Panetta noted that this is a very complex project, the preparation for the launch of which is going to be completed by 2023. After that, the EU countries will have three years to test the CBDC before it is fully integrated into the financial system.

In his opinion, the asset will help maintain confidence in fiat, and ensure the role of the monetary anchor in the digital age and the role that it has lost due to the misguided monetary policy pursued in different countries.

Panetta is confident that the digital euro will not only become a secure means of payment designed in the public interest but will also preserve the coexistence of sovereign and private money, which has so far served people well.

The official also called P2P payments “the first testing ground” for the new technology.

Earlier, European Central Bank Board member Fabio Panetta said that as cryptocurrencies are rapidly spreading around the world, a coordinated effort is needed to regulate them.

Post a Comment