Digital euro will be released in 4-5 years
Several experts from European Central Banks agreed that it would take four or five years to prove the concept of the digital euro.
During a panel discussion entitled “Renewing Money to the Digital Era: Introducing the Digital Euro,” participants agreed that the current task of the ECB is primarily to introduce everyone to the features of the digital euro, delaying any implementation of the concept for the future.
The European Central Bank (ECB) market infrastructure expert Austeja Šostakaitë said that the ECB will not decide whether to switch to the digital euro until mid-2021. At the moment, Shostakaite said, the question is: “How do we introduce the euro into the ecosystem and how does it interact with the money of commercial banks?”
Presentation by Austea Shostakaite during the panel discussion “Updating Money to the Digital Era: Introducing the Digital Euro”
Carl Andreas Claussen, adviser to the Central Bank of Sweden, said the Central Bank will complete proof of the concept of an electronic crown in February. However, before the real launch of the state cryptocurrency, “four or five years” remain. Claussen said:
“There are some legal issues, and this is not an easy situation, it is difficult for us to deal with it. We need political support. We suggested that Parliament create a committee of experts to consider this issue. “
Recently, the Bank of Sweden called on parliament to legalize state cryptocurrency as a means of payment. The Central Bank of Sweden began testing the first state cryptocurrency e-Krona in Europe in February this year. It should be noted that Klaussen referred to the ambitions of the Central Bank regarding the cross-border use of state cryptocurrency, although few transactions occur in crowns, given the relative usefulness of the euro or dollar. Shostakaite suggested that external competition could accelerate the expected timing of the development of the digital euro.
“If foreign state cryptocurrencies or, possibly, Facebook stablecoins appear that will come to the eurozone, this can speed up the process,” she said.
Last week, information appeared that the Facebook Libra stablecone will be launched in January 2021, despite regulatory problems. First, Libra will be provided only with the US dollar in a ratio of 1:1
