The ECB spoke about the possibility of completing tests of the digital euro by 2026

Posted 18 May, 2022

The European Central Bank (ECB) may start developing and testing a digital euro at the end of 2023, ECB executive board member Fabio Panetta said at the National College of Ireland. This phase, he said, could take up to three years.

Panetta noted that the introduction of the digital euro is aimed at strengthening the monetary sovereignty of the European Union and providing a reliable and stable monetary base for creating new payment and financial services in the era of universal digitalization. The advantage of the digital euro over the traditional form of money, Panetta called the desire to offer a free secure means of payment, available to everyone anytime and anywhere.

Speaking about the growing public interest in digital money, he also commented on the volatility of the cryptocurrency market.

“Recent developments in the crypto-asset market illustrate that it is an illusion to believe that private instruments can act like money when they cannot be permanently converted at par into public money. Despite claims that cryptocurrencies are a reliable form of “currency free from public scrutiny,” they are too risky to act as a reliable means of payment,” Panetta said.

It was also noted that for the successful development and implementation of the digital euro, a collective effort must be made. Therefore, the ECB will intensify its engagement with all stakeholders, including banks, payment companies, businesses, es and society at large.

In February, European Finance Commissioner Mairead McGuinness went on record that a digital euro bill would be introduced in 2023, with a prototype currency expected by the end of that year.


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