ECB executive board member Fabio Pannetta has said at the National College of Ireland that the bank could start developing and testing the digital euro at the end of 2023, and that the process may take 3 years.
He has said that the implementation of the digital euro aims to strengthen the monetary sovereignty of the European Union and provide a secure and stable monetary base for creating new payment and financial services in an era of universal digitalization.
According to Panetta, the digital euro offers a secure means of payment available to all at all times and everywhere.
He has also made some comments about the volatility of the cryptocurrency market:
“Despite claims that cryptocurrencies are a reliable form of ‘currency free of public control,’ they are too risky to act as a reliable means of payment.”