After years of research, the ECB’s digital euro project has entered a critical phase, the Italian newspaper Noticias reported. The project aims to create an e-cash version that can be used by all eurozone citizens. Chiara Scotti, Deputy Governor of the Bank of Italy, explained the current stage of the project, the remaining challenges and why European sovereignty and social inclusion in payments are two sides of the same coin.
‘this is a real qualitative leap, ‘ says Chiara Scotti. After two years of preparation, the ECB system is now focusing on the technical aspects, with the goal of piloting by the middle of the 2027 year, a deadline to be met, if 2026 European legislation supports the introduction of the Digital Euro.
On the other hand, technology development, large-scale testing, and the involvement of banks, payment service providers, and merchants must be considered in order to achieve operational start-up; It will take another two to three years to complete the process.
The new head of the Dutch Central Bank and the European Central Bank’s Board of Governors, Slyburn, warned of the growing importance of stable currencies in the financial system in the event of a run on the market, it could endanger Europe’s financial stability, macroeconomic and inflation conditions, and eventually force the ECB to intervene.