ECB director Piero Cipollone almost warns in the digital euro. “It’s time to act,” he said on Tuesday during a hearing in the EU parliament. Europe had to prepare for possible disorders and overcome increasing dependence on foreign companies.
That is why rapid progress is necessary – both in the regulation on the digital euro and the regulation on the status of cash as a legal payment means, Cipollone said. “To make the digital euro successful, we need solid and future -oriented legal provisions,” we emphasized the Italian. The European Central Bank is ready to support MPs in their consultations with technical contributions.
Supplement, but no replacement for cash
The world is changing rapidly: “If we show people in Europe that we are confronted with the challenges, protect our currency and guarantee that people can freely choose how they pay,” said the cippollones plea for the EU EU parliament committee.
The digital euro would be a digital form of the money from Central Bank that is accepted in the entire Euro area. It should supplement the conventional central bank money, ie banknotes and coins. However, the digital euro has not yet been ‘tangible’, such as Burkhard Balz, board member of the Deutsche Bundesbank, recently allowed. An introduction may not be expected before 2028, also because the corresponding legal principles still have to be created by the EU legislator.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
