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May 26, 2023
In October, the European Central Bank's Governing Council will decide whether to launch a preparatory phase to develop and test a digital euro. The ECB will also issue Digital Euros, although it will not distribute them yet, and banknotes will still be produced.
So far, many central banks have gone after digital money. But of course, this breakthrough cannot be produced arbitrarily because global economic developments are still in an alarming zone. But for, the digital Euro has come under much scrutiny due to the popularity of the ECB.
Fabio Panetta, a European Central Bank Executive Board member, told Les Echos that digital euros could be launched in three or four years. But banknotes will still be available as long as they are in demand.
The Central Bank is also committed to making these digital currencies as mature as possible. To create a digital euro that works well and has no problems, the ECB will work closely with the US, Britain, Switzerland, Canada, Japan, and Sweden.
Panetta, in an interview published on the ECB website on Wednesday, stated: "We are in the early stages where the central bank will compare notes on our progress. Different national rules on confidentiality will be more challenging."
And the plan is for the release of the Digital Euro to be carried out on the anniversary of the European Central Bank. The Central Bank is currently preparing a proposed design for a digital version of the Euro, and this is also a response to the technological development pressures associated with currency changes.
ECB President Christine Lagarde also said that Digital Euro could offer a way for people to buy goods without relying on payment service providers. Meanwhile, the European Union Executive Commission will also present the proposed law.
According to economic experts, digital currencies backed by central banks will be more secure and stable payments, especially when compared to volatile cryptos. Moreover, the price of crypto has recently been dropping amid calls for regulation.
So that the European Union is expected to become a global leader in this matter and can give approval shortly. The development of digital currencies from several countries is also increasingly being carried out, and the ECB, which has vital role, should follow.
If it is planned to be shown on the 25th anniversary of the European Central Bank, then it will still take around 3 to 4 years for release. Of course, the public is getting impatient to see the release of this currency, but the central bank will not replace the banknotes.
The position of central banks has also become increasingly defensive after rumors of the release of digital currencies from many other countries, including Europe, which is also expected to take the way to leap into the digital age soon.
Introducing the digital Euro is an excellent opportunity to create a money system that fits the digitalized world. According to Henrike Hahn, a member of the European Parliament, he considers that 4% of the adult population in the EU does not have a bank account.
So to make this use more effective, he suggested that this Euro digital release prioritizes public needs. This means that the currency must be concerned about cyber and legal risks. So that this can make the payment market more effortless and more appropriate,
The banking system is now starting to be more different and showing extraordinary progress, likewise, with public demand for the use of currency. The public is the focus when developing currencies, including the Digital Euro, which will be released in 3 to 4 years.
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