The digital euro is advancing to the international level. The German central bank reported that the whole process of incorporating the single European currency into the system of digital payments will take 4 years at the most. The positive outlook for the digital euro benefits the crypto industry.
Bundesbank President Joachim Nagel unveiled the highly-anticipated news: payments in the digital euro will be available for the public in 4 years. The European Commission brought up the issue of the digital version of the shared currency long ago. Germany’s monetary authorities were the first to bring forward the blueprint. Bundesbank actively embarked on the project. First, the central bank elaborated a comprehensive regulation governing crypto-assets and then, got engaged in the development of the digital product as such. “We will be able to pay with the digital euro in about four years”, Joachim Nagel predicted. “It’s not entirely trivial to implement the topic, but I think that’s a realistic time horizon,” Nagel shared his viewpoint.
Nowadays financial regulators around the world are seeking the opportunity to complement cash with the digital version of national currencies. At the dawn of the crypto area, financial watchdogs responded with tough bans and crackdowns on the industry. At present, they make every effort to gain public acceptance of the project. It is “very logical and consistent for central banks to complement their product offerings with a digital currency and provide a secure infrastructure,” Bundesbank President thinks. “People, but also the banks we need for the digital euro, will soon see that the digital euro offers new opportunities, new financial products, and increases financial inclusion. The euro itself will be a success story,” Joachim Nagel concluded.
