The EU will launch the digital euro in 2026 — the preparation of the testing phase is almost complete

Fabio Panetta, a member of the Executive Board of the European Central Bank (ECB), said that the digital euro could appear within four years — by 2026. He said this in a lecture at the National College of Ireland.

«The launch of a stable virtual currency will be a turning point for the European and global economy,» Panetta said. The ECB Executive Board member added that the direct testing of the digital euro will begin in 2023.

By the way, as part of the EU cryptocurrency testing, the primary task for the agency’s specialists will be to find and study opportunities that will allow citizens of all EU member states to access the digital euro.

Panetta believes that this issue is one of the most important, as the procedure for introducing the coin in each country will require an individual approach. All aspects will need to be taken into account, starting with the current legislation of a particular country and ending with the general attitude of the residents towards cryptocurrencies. It is the number of nuances in the process of finding solutions that allows the official to declare the approximate timing of the digital currency launch — no earlier than 2026.

Finally, he stated that cryptocurrencies now look more like speculative goods than the money of the future and warned the audience that all money in cryptocurrencies can depreciate at any time.