According to the ECB’s website: They are now investigating how a digital euro may appear. This round of examinations will begin in October 2021 and last approximately two years.
Lagarde Reveals the ECB’s Plans to Meet Demand for Digital Currency With a Digital Euro Christine Lagarde, president of the European Central Bank (ECB), discussed central bank digital currencies (CBDCs), specifically the digital euro, in an interview with Klaus Schwab, founder and executive chairman of the World Economic Forum, last week.
Lagarde responded to the interview with a tweet: “We at the ECB feel that we should be prepared and have the technology available to meet people’s needs.” That is why we have begun two-year research on the possibility of a digital euro.”
“We will look at how a digital euro could be designed and how it could be distributed to merchants and citizens, as well as the impact it would have on the market and the changes to European legislation that might be needed,”
ECB’s website
Lagarde added to Schwab, “If people prefer to utilize digital currency over banknotes and cash, it should be available.” She stated: We should heed that call. And ensure that we have a solution that is European-based, secure, accessible on fair conditions, usable as a means of payment on reasonable terms, and does not imperil the entire banking system, all of which should be included in the plan.
Lagarde continued, “That is why we have decided to conduct a two-year experiment to ensure that we can actually meet that demand: availability, just as cash is and will continue to be available, but it will be a consumer preference; device safety and security; user-friendliness; low cost; and ways of transacting business that is recognized and a consumer preference.”
The European Central Bank clarified: Following the conclusion of the investigation phase, we will decide whether or not to proceed with the development of a digital euro. Then, in collaboration with banks and organizations that could supply the technology and payment services, we would develop and test alternative solutions.
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