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According to ECB President Christine Lagarde, the Digital Euro Could Involve Four Years

By Mark L - Cryptocurrency Professional - 31-03-2021

In a conversation with Bloomberg Television on Wednesday, European Central Bank President Christine Lagarde outlined the dynamic decision-making mechanism that the bank would use to decide the stability of a digital euro.

The digital Euro is still the same currency but a crypto to euro ratio digital version. This is a way of embracing crypto trading without completely replacing fiat. Some say the future of the Euro digital currency is unknown and that it could be some time before the EU receives a central bank digital currency, if at all.

The ECB will soon publish its review of the 8,000 sets of feedback it obtained during its digital euro consultation period. “That will be communicated to the European Parliament which is one of the key players as well as the Commission and the Council with which we operate,” she said.

The ECB's Governing Council will determine whether to experiment with a CBDC by mid-2021 based on the results of the consultation, as well as parliamentary work.

Following an introductory phase of testing, the council will decide whether to carry out the digital euro over a six-month or one-year period, according to Lagarde.

Lagarde had said that some financial intermediaries are somewhat worried about the ECB's decision to launch a CBDC. She claimed that both digital assets and cash can work well together especially with the new environment. As reported earlier, the ECB will release a public consultation on a possible digital euro in October 2020.

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