Europe accelerates preparations for digital Euro

European Central Bank (ECB) Executive Board member Piero Cipollone announced that they expect the necessary political decisions for the launch of the digital Euro to be made early next year.

Cipollone stated that following this process, the launch of the digital currency could take two to three years.

Speaking at a conference, Cipollone said regarding the timing of legal regulations, "I hope everything will be completed by the beginning of next year. Once the legislation enters into force, two to three years will be sufficient to launch the digital Euro."

Unlike payments made with cards such as Visa or Mastercard, the digital Euro will grant consumers a direct claim on the central bank. This new currency will carry features similar to cash in terms of the security and functionality of funds.

Cipollone noted that reaching a political agreement among EU member states is a significant hurdle, but that this agreement could be reached before the summer. He added that the work of the European Parliament might take a little longer.

Speaking at the same event, Bank of France Governor Francois Villeroy de Galhau, when asked about Trump's influence on accelerating the process, stated that it has increased the ECB's determination.

News Source: 12punto