The digital euro should become reality “within five years”

The digital euro should become reality within 5 years, declared Wednesday the President of the European Central Bank Christine Lagarde, while an investigation by the institute places the confidentiality of this means of payment at the top of the expectations of the citizens.

I think we’ll have a digital euro“and”in no more than five years I hope“ECB President Christine Lagarde said Wednesday during a virtual economic conference organized by Reuters.

Confidentiality of payments

The most requested feature in view of a digital euro is the confidentiality of payments, also reveals a public inquiry by the ECB, the first results of which were communicated by the institute on Wednesday. Confidentiality of payments “ranks first among the requested characteristics of a potential digital euro (41% of responses), followed by security (17%) and pan-European reach (10%)“, indicates a statement.

A total of 8,221 citizens, companies and professional associations responded to this online questionnaire launched last October and which ended on Tuesday, a “record“among the public consultations launched to date by the ECB, it is indicated.”The high number of responses” show it “high interest“from the public for”shaping the vision of a digital euro“, commented Fabio Panetta, member of the management board of the ECB and chairman of the working group on the subject. The board of governors of the ECB will decide in the spring whether or not to launch this pharaonic project.

Daily payments

The downward trend of cash in current payments accelerated during the Covid-19 pandemic, but this method of payment remains cherished by citizens, especially in Germany, because it guarantees the anonymous nature of purchases.

The digital euro will be “like banknotes, but in digital form” for “make daily payments fast, easy and secure“, explains the ECB.

The institute also intends to respond to the launch of global private means of payment such as Libra, the cryptocurrency project launched by Facebook, and those adopted by other central banks such as the Chinese crypto-yuan with global ambitions.

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