European Central Bank (ECB) President Christine Lagarde has hinted that a digital euro could be available to Europeans before her term ends in 2027, but she acknowledged that this would require a faster rollout than expected.
She told reporters in Paris on June 7 that EU bodies must work together and create a unified framework before such a rollout can take place.
“We are not the only ones working on this. The European Commission and the European Parliament will be crucial because they will give us the legal framework within which a digital euro would be issued,” she said, according to a transcript.
Lagarde supports digital euro and says ECB must be “fit for the future”
A digital euro would represent central bank money in digital format and provide an efficient and comprehensive payment solution.
It would act as a digital counterpart to physical cash. And with the support of the ECB, it would be accessible to the public, similar to traditional banknotes and coins.
Lagarde signaled her support for the ECB’s introduction of a digital euro, viewing it as an important step to make the bank “fit for the future.”
She added that if Europeans prefer digital methods, central bank money should also be available in digital form.
Europeans warm to digital euro, but privacy concerns remain
There seems to be a lot of interest among Europeans in a digital euro. This is not surprising, as both the European Central Bank (ECB) and the European Commission have been pushing the idea. A recent survey showed that half of Germans are willing to use a digital euro alongside their current payment options.
But while the idea is gaining traction in Europe, there are still concerns about data protection. ECB Executive Board member Fabio Panetta has already acknowledged this, saying that the digital euro will be developed with data protection in mind. But it will probably not offer the same level of anonymity as cash currently does.
“We will try to reproduce the characteristics of cash that people value and that citizens prefer. That is, maximum privacy,” he said.
Similar to Lagarde, the President of the German Bundesbank, Dr. Joachim Nagel, does not expect a rapid introduction of the digital euro. He has predicted a later introduction and considers 2028 or 2029 to be a more realistic timeframe.
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