A decision on a digital Euro will be made in the next few months—but the actual release of such a currency could take years, European Central Bank boss Chirstine Lagarde said today.
The ECB president told Bloomberg that the whole process of developing a central bank digital currency (CBDC) could take at least another four years, though the Bank plans to make a decision on whether to move on the initiative by „mid-2021.”
A CBDC is a digital version of a fiat currency (in this case, the euro) that is backed by a central bank. Countries around the world are currently researching the benefits of developing such an asset.
“But the whole process—let’s be realistic about it—will in my view take another four years,” Lagarde said. “Maybe a little more, but I would hope that we could keep it within four years because it’s a technical endeavor as well as a fundamental change.”
She said that the ECB would make a decision soon on whether to actually release a CBDC. After all,
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