The European Central Bank will make a determination on moving forward with a digital euro in October, though President Christine Lagarde cautioned that the central bank is still in the experimental phase.
But in the next breath, Lagarde told a public central bank forum hosted by the ECB in Sintra, Portugal that widespread adoption of a digital euro is not on the near-term horizon, if it happens. The ECB president described her central bank’s stance on the CBDC as “accelerated” but cautioned that “we have not decided for sure.”
After an ECB governing council meeting at the end of October, “there will be another phase of piloting, experimenting, fine tuning because if and when we go, as will be decided by the governing council at large, we want to get it right.“You’ve got to be ready. You want to keep the sovereignty of your currency,” said Lagarde.
The EU adopted a broad legislative framework for digital assets, a law called Markets in Crypto-Assets, earlier this year, but is only at the beginning of a lengthy rulemaking process for that law. Policymakers have stated part of the impetus for that law was the Libra/Diem stablecoin project, backed in part by Facebook.
The New York Fed, one of the central bank's regional branches, has also experimented with wholesale payments between financial institutions using digital currencies on private blockchains. The Fed also plans to launch its real-time payments network, which uses more traditional payment rails than digital currencies or blockchains, in July.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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