European Central Bank employee: Digital Euro could come within 4 years

Fabio Panetta, a member of the European Central Bank (ECB) board of directors, has said a digital euro could be coming within four years.

“Old financial securities are beginning to falter”

Panetta gave a speech in Ireland on Monday. Here he said that the European Central Bank will be ready to test a digital euro in 2023. According to him, this test phase will last about three years. This means that the digital euro can probably be used in 2026. According to Panetta, it is a must that Europe digitizes and the digital euro can help with this. He told:

“We live in turbulent times[}AndinthefinancialfieldtoooldcertaintiesarebeginningtofalterDigitaltechnologieschangingpaymenthabitsandtheraceforpaymentsupremacyaretestingthecomplementarityofpublicandprivatemoney”[}EnookopfinancieelgebiedbeginnenoudezekerhedentewankelenDigitaletechnologieënveranderendebetalingsgewoontenenderaceomdesuprematievanbetalingenstellendecomplementariteitvanpubliekenprivaatgeldopdeproef”

“Today I will argue that to maintain this symbiosis, public money must maintain its role as a monetary anchor in the digital age. A digital euro would strengthen our monetary sovereignty and provide a form of central bank money for daily digital payments across the euro area, just like cash for physical transactions. To succeed, a digital euro must add value for users, stimulate innovation and enjoy strong political and social support.”

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