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The European Central Bank is racing towards the launch of the digital euro, driven by increasing consumer demand and the need to unify the digital payment landscape in Europe.
The European Central Bank is approaching the launch of the digital euro to meet consumer demand and maintain the cash and digital balance.
European Central Bank President Christine Lagarde confirmed on June 12, during an interview with Xinhua News Agency, that the European Central Bank is nearing the completion of preparations for the launch of the digital euro, awaiting legislative approval.
Lagarde said in her statements: "We started six years ago," explaining:
We have reached the point where we need to be ready to launch the proposal if it is supported by the legislative council.
"Why are we doing this? Simply, because of customer demand," the President of the European Central Bank pointed out. She confirmed that the shift towards a central bank digital currency (CBDC) stems from changing consumer preferences in the Eurozone.
In explaining the rationale behind this initiative, Lagarde pointed to the European Central Bank's goal of providing both digital and physical forms of money, meeting diverse user needs. She revealed, saying: "Many Europeans prefer to pay electronically and digitally without the need for cash. Still, many Europeans prefer cash. I also love cash. Therefore, we will continue to use cash, and we will issue new banknotes in a few years."
Lagarde emphasized the strategic importance of developing a digital euro that supports a unified payment system among member states. According to the President of the European Central Bank, the digital euro is not intended to replace cash, but to ensure the availability of a sovereign and reliable payment system, in light of the increasing prevalence of electronic transactions across the continent.
She explained:
We want to ensure that we have an available European offering, so that there is within the entire Eurozone a means of payment and a stable currency that can help you conduct transactions online, peer-to-peer, and business-to-business, and that is the purpose of the digital euro.
