ECB President Lagarde: Digital Euro at Least 2 Years Away, Pilot to Address Privacy Concerns

ECB President says a digital euro is at least 2 years away
ECB to decide in October whether to move ahead with digital euro piloting
Pilot phase expected to take at least 2 more years before final decision
Lagarde aims to address privacy concerns and conspiracy theories
Digital euro must offer privacy without full anonymity and be user-friendly
ECB Board member promised no issuance until privacy legislation in place
EU lawmakers have concerns about privacy with transaction limits and ID
German MEP asks if traceability will hinder digital euro acceptance
Germany's Stefan Berger leading digital euro law through parliament

coindesk.com

Relevant topic timeline:

8/25/2023

Spanish central bank official talks about private payment services in era of digital euro

Banco de España Deputy Gov. Margarita Delgado believes that the digital euro can coexist with private payment solutions, and it will enable the development of new pan-European payment and financial services by the private sector, making it easier to compete with non-European solutions. Additionally, the European Central Bank (ECB) has requested regulators to require payment service providers to make the digital euro available to the broad population and provide a physical payment card.

9/7/2023

EU finance chief: Don’t rush digital euro before new Commission in June 2024

The European Commissioner for Financial Stability believes that the digital euro project should be approached slowly and quietly by the next European Commission after the 2024 European Parliament elections.

9/11/2023

EU central bank digital currency faces uphill battle as privacy concerns fuel political attacks

Proponents of a digital euro face political opposition, with some critics portraying it as a tool for state control and surveillance, which makes defending the central bank digital currency (CBDC) challenging for central bankers who are more accustomed to technical and economic arguments; however, officials are attempting to address concerns by emphasizing privacy features and maintaining a continuous dialogue to gain people's trust.

10/18/2023

EU Begins Preparations for Potential Digital Euro Launch After Initial Investigation

The European Central Bank (ECB) has entered the preparation phase for the digital euro project, which aims to create a widely accessible and privacy-focused digital form of cash for all digital payments throughout the euro area, with the phase lasting two years and involving the finalization of the rulebook and selection of providers for the digital euro platform and infrastructure.

10/18/2023

ECB Begins 2-Year 'Preparation Phase' for Potential Digital Euro

The European Central Bank (ECB) is entering the preparation phase for the potential issuance of a digital euro, following a two-year investigation, with a decision on whether to move forward expected in 2023.

10/18/2023

ECB Begins Preparations for Possible Digital Euro Launch

The European Central Bank is moving forward with plans to launch a digital version of the euro, entering a two-year preparation phase starting on November 1, aiming to provide secure and free electronic payments for users in the eurozone.

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Posted 9/25/2023, 2:43:00 PM

ECB President Lagarde: Digital Euro at Least 2 Years Away, Pilot to Address Privacy Concerns

ECB President says a digital euro is at least 2 years away
ECB to decide in October whether to move ahead with digital euro piloting
Pilot phase expected to take at least 2 more years before final decision
Lagarde aims to address privacy concerns and conspiracy theories
Digital euro must offer privacy without full anonymity and be user-friendly
ECB Board member promised no issuance until privacy legislation in place
EU lawmakers have concerns about privacy with transaction limits and ID
German MEP asks if traceability will hinder digital euro acceptance
Germany's Stefan Berger leading digital euro law through parliament

coindesk.com

Relevant topic timeline:

8/25/2023

Spanish central bank official talks about private payment services in era of digital euro

9/7/2023

EU finance chief: Don’t rush digital euro before new Commission in June 2024

9/11/2023

EU central bank digital currency faces uphill battle as privacy concerns fuel political attacks

10/18/2023

EU Begins Preparations for Potential Digital Euro Launch After Initial Investigation

10/18/2023

ECB Begins 2-Year 'Preparation Phase' for Potential Digital Euro

10/18/2023

ECB Begins Preparations for Possible Digital Euro Launch