ECB Pushes For 2029 CBDC Launch — The Digital Euro Era Nears
European Central Bank officials kept a clear target this week: launch the digital euro in 2029. That goal was described as realistic by senior ECB figures, even as the bank said it will carry on with preparation work beyond the formal end of its current phase in October 2025. According to Bloomberg and ECB statements, the timetable depends on new EU laws and technical readiness. Related Reading: Dogecoin Ignites — 60% Volume Boom Teases Potential Rally Preparation Phase Continues After October 2025 Based on reports, the ECB started the preparation phase in November 2023 and has been....
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Christine Lagarde, President of the European Central Bank, said that the ECB is aggressively pursuing the idea of a digital euro and expects to finish the testing phase by October 2025. If it goes through, it will be the EU’s first Central Bank Digital Currency (CBDC). Unlike cryptocurrencies, CBDCs aren’t decentralized or run on blockchain. They’re pegged to a country’s national currency, so the value of 1 digital euro is equal to the value of one physical euro. CBDCs have been a hot topic of debate for a long time now. Proponents believe they’re absolutely essential to....
The decision on how to launch a digital euro could still be a long time coming. Financial authorities in Europe could form an investigation plan for a digital euro as early as next year, according to an executive at the European Central Bank.Holger Neuhaus, head of market innovation and integration division at the ECB, joined the Singapore FinTech Festival 2020 on Dec. 7 to discuss the global development of central bank digital currencies, or CBDCs.During the online discussion, Neuhaus claimed that the ECB expects European financial authorities to assess whether to launch a digital euro....
The German central bank is considering alternatives to CBDC as a digital payment solutions Burkhard Balz, a German politician and executive board member of the country's central bank, said in a speech on Oct. 20 that it was crucial to build tools to restrict how the digital euro is used upon launch.Balz emphasized that people should only be able to use the central bank-backed digital euro as a mode of payment and not as a store of value. If the central bank digital currency has the same characteristics as traditional money, depositors could withdraw their funds in times of a crisis by....
Jonas Gross spoke with Cointelegraph about the digital euro’s risks for private banks and the goals of the ECB. The European Central Bank (ECB) is planning to launch a prototype of the digital euro in 2023. In the next five years, Europe could have its own central bank digital currency (CBDC) up and running. However, there are still many questions surrounding the prospective digital currency. In what form could it be issued? Is the ECB too late to the CBDC party, especially compared to other central banks such as that of the People’s Republic of China? To address these and other questions,....
Former IMF Chief and President of the European Central Bank solicited input on possible CBDC In a Twitter thread on Sunday, Christine Lagarde, former Managing Director of the IMF and current President of the European Central Bank, invited public commentary on a potential eurozone central bank digital currency (CBDC). “We are still in the review and considerations stage, but we’ve just launched a public consultation so that consumers and Europeans can actually express their preference and tell us whether they would be happy to use a digital Euro just in the way they use a Euro coin or a....