European Central Bank wants to publish CBDC plans soon

The European Central Bank wants to present its plans for a digital central bank currency soon. A working group is currently exploring the advantages and risks.

The President of the European Central Bank (ECB) Christine Lagarde announced in a speech on September 10th in Frankfurt that she would present the ECB’s timetable for the possible development of a digital central bank currency (CBDC) in the coming weeks.

It will soon be decided whether and how a digital euro is created.Public consultations will then take place. Prerequisites for an e-euro are, for example, that all euro zone citizens have access to the transaction system and thus their financial inclusion is guaranteed. Consumers must have a choice as to why a multilateral solution must be sought.Digital euro: chance of first place despite late starts?

The goals of a digital euro would be a more efficient financial system and an innovation lead. Lagarde is aware that other central banks have long been dealing with digital national currencies. However, it does not fear that non-European payment service providers will soon dominate the European financial market – nevertheless, it does not want to fall behind in the development of a CBDC such as the digital euro.