Fabio Panetta, member of the regulatory board, said the European Central Bank (ECB) could issue a CBDC before 2026.

“This is a very complex project, it has never happened before. […] Speaking at the National College of Ireland, he said, I am somewhat optimistic that we will be ready in four years.

According to him, preparations for the launch of the digital euro will be completed by 2023. Subject to deadlines, EU countries will have three years to test CBDC before it is fully integrated into the financial system.

Panetta said the asset will help maintain the credibility of fiat money, “guarantee its role as a monetary anchor in the digital age” and provide the role it has lost due to misguided monetary policies between countries.

“HE IS [цифровой евро] It will be a secure payment instrument designed for the public good. This will preserve the coexistence of sovereign and private money that has served us well so far,” the ECB official said.

The official also described P2P payments as the “first testing ground” for the new technology.

In his talk, Panetta also touched on the situation with the algorithmic stablecoin UST. According to him, “stable coins” are vulnerable and their redemption cannot be guaranteed at any time.

An attempt to issue a digital euro appeared in November 2019. In October 2020, the ECB published a comprehensive report on this topic.

In the spring of 2021, the head of the regulator, Christine Lagarde, said the European Union could issue its own CBDC within four years if politicians approve the project.

In July, the ECB’s Governing Council decided to launch the CBDC working phase, and in October the regulator formed an advisory group on the potential development and deployment of a digital euro.

In February 2022, European Finance Minister Mairead McGuinness said that the European Union would consider a CBDC bill early next year.

Recall that in the April presentation of the ECB, experts called the anonymity of digital euro holders “undesirable”.