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ECB plans to roll out digital euro in October
ECB President Christine Lagarde is optimistic about the introduction of the digital euro. She said that the central bank was actively working on this issue and hinted that we might see the fruits of this effort this fall. So, the digital euro will soon be presented to the public.
According to Christine Lagarde, the ECB has been developing its own Central Bank Digital Currency (CBDC) for more than five years. The regulator plans to complete the project by October of this year. However, this deadline is provisional, as the ECB is not the only participant in the project. The launch of the digital euro depends on other interested parties: the European Parliament, the European Commission, and the European Council. All parties must vote in favor to successfully implement the new cryptocurrency. "Until a unanimous decision is made, the digital euro will remain just an experiment," Lagarde added. She emphasized that the ECB was ready to push for the integration of the digital euro into the country's financial system. "Our deadline is October 2025," she clarified.
The ECB president said the digital euro would be welcome in Europe at both the wholesale and retail levels. The wholesale CBDC is intended for financial institutions, especially for interbank settlements and international payments. The retail CBDC could be used by shoppers.
Christine Lagarde stated that Europe would not back down from its plan to introduce the digital euro, even though the US has changed its stance on CBDCs. Recently, US President Donald Trump signed an executive order that prohibits the Federal Reserve from launching a digital dollar.
Earlier, Piero Cipollone, a member of the ECB's Executive Board, pointed out that the digital euro would help Europe gain independence from US and Chinese payment companies such as Mastercard and Alipay.
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