Approved for the transition to digital currency in the euro area.
In Europe, the time to use cash is about to close. After the necessary arrangements are made, the conversion process to digital Euro is expected.
The ECB Board member, Piero Cipollone, said the European Central Bank hoped to make all political decisions to increase the digital euro early next year and then need two to three years to launch money. “I hope everything will be completed early next year, even at a very early day. We need to take effect early next year, even at a very early day, and then, two to three years will be enough to start Euro digital.” What will the transactions look like? Contrary to the payments made by cards like Visa or MasterCard, consumers paying with digital euros will directly require the rights to the central bank and their money will be similar to cash in function and security. Online and offline payment will be done It will allow customers to pay directly in both online and offline formats. Cipollone said an important obstacle was to provide a political agreement from EU member states, but it could be achieved before the summer. He added that the work of the European Parliament could take a bit more time. Speaking at the same activity, Francois Villeoy de Galhau, president of the French Bank, said that Trump could accelerate whether he could accelerate the process, and this increased ECB's decision.