In a speech on Monday at the National College of Ireland, a member of the Executive Board of the European Central Bank, Dr Fabio Panetta said that a digital euro could be launched within the next four years. In October 2021, the ECB launched a two-year investigation to explore the possibility of launching a digital euro.
“By the end of 2023, we could decide to begin a realization phase to develop and test the appropriate technical solutions and business arrangements necessary to provide a digital euro. This phase can take three years,” said Fabio Panetta.
As non-cash payments become more popular, launching a digital euro is absolutely possible. According to the ECB, the aim of the digital euro is to provide a means of payment that is free, available to all digital payments and accessible to everyone, anywhere at a time when a sharp drop in the number of bank branches can affect vulnerable customers. Central bank-issued digital currency will serve as an instrument to accompany the digital transitions in payments that are already underway.
Panetta also commented on the recent market volatility for crypto, with TerraUSD (UST) having lost most of its value and the prices of many major coins including Bitcoin (BTC) falling. According to the ECB official, stablecoins, including Tether (USDT), were not “risk-free” and can still lose their value, just as investing in cryptocurrencies carried certain risks. Many EU officials believe that a digital euro could be issued within the next five years.
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