It could take 3 years to conceive the digital euro, says ECB member

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Member of the executive board of the European Central Bank (ECB), Fabio Panetta said this Monday (16) that it could take three years to conceive the digital euro, starting next year.

“At the end of 2023, we can start a realization phase to develop and test the appropriate technical solutions and business arrangements needed to deliver a digital euro.”

According to Panetta, for the digital euro to be successfully conceived and adopted, it must be a collective effort. “That’s why we’re intensifying our engagement with all our stakeholders,” he said.

The banker also commented on the advantages of the digital euro, which he said would strengthen monetary sovereignty and provide a form of central bank money for making daily digital payments across the euro area, as well as for physical transactions.

“It would be a solid and reliable means of payment, designed in the public interest. In Europe, issuing a digital euro would also allow us to protect our strategic autonomy, keeping us open in a world where technology and dependencies are increasingly weaponized”, he argues.

Source: CNN Brasil

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