The President of the ECB, Christine Lagarde, believes that the digital euro is approaching and will serve to boost competition in retail payments. She describes the eurozone economy as resilient.
Christine Lagarde, President of the European Central Bank (ECB), considers the digital euro imminent and asserts that the euro area economy remains resilient despite the international environment. The message, reported by Criptotendencias, comes from a statement published by the ECB itself.
According to the institution, the digital currency will stimulate innovation and competition in retail payments. Lagarde presents it as a payment policy tool, not just a technological advancement.
“The digital euro will further stimulate innovation and competition in retail payments”
The tone marks a shift. During the research phase, which began in 2021, the ECB avoided committing to timelines. Now, according to the discourse, the technical side is mature, and the schedule mainly depends on political backing.
The issuance requires a legal framework approved by the European Parliament and the Council of the European Union, based on the proposal that the European Commission presented in 2023. This regulation must set limits on holdings per person, the level of privacy, and the role of banks in distribution.
The digital euro is a central bank digital currency (CBDC): a direct liability of the ECB, with the same value as cash and without the volatility of cryptocurrencies. For the user, it would be used through a wallet, with online and offline functions, and would be accepted throughout the eurozone, including Spain. For businesses and fintech, the promise is a payment network with lower costs and open access.
For now, there is no issuance date: the project awaits the approval of the European regulation.
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