Europe "prepares" digital currency - ECB hopes to reach an agreement by early 2026
The European Central Bank hopes to have all the political decisions in place by early next year to create a digital euro. It will then take two to three years to launch the currency, an ECB board member said.
The ECB has been working on a digital version of the European currency for years, but progress has been slower than expected, mainly because legislation does not yet allow the bank to proceed with the procedures.
The financial turmoil following the election of Donald Trump as US President has added to the sense of urgency, as Europe relies on large US firms for most digital payments and this presents a potential financial vulnerability.
"I hope to have everything ready by the beginning of next year. We need the right legislation, and from that, two to three years will be enough to launch the digital euro," sources within the Central Bank said.
Unlike card payments like Visa or Mastercard, consumers who pay with digital money will have a direct connection to the central bank, while their funds will be secure and similar in function to “cash.” This would allow customers to make direct payments in both online and physical formats.
The bank said a key hurdle is reaching a political agreement by EU member states, but that could happen before the summer. The European Parliament's work could take somewhat longer, the sources added.
When asked if Trump could speed up the process, French central bank officials said it has increased the ECB's determination to proceed with the project.
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