Digital Euro Could be Launched in 2021
Christine Lagarde, President of the European Central Bank, said the EU could start launching the CBDC from the second half of 2021
The president of the ECB is not a special fan of Bitcoin and cryptocurrencies. She doesn't hide it. Still, she said, China cannot be left behind in this race.
Chinese economic giants are using blockchain technology. Over the years, it has proven its benefits in a variety of fields. And since last year, China has been actively engaged in CBDC.
The Chinese national cryptocurrency passed several tests and showed good results. Beijing hopes to launch a digital yuan for the Winter Olympics, which will be held in 2022 in China.
Seeing the efforts China is making to study the CBDC, the European Union and the United States are also considering the possibility of introducing their digital currency. Until mid-2021, the European Union will determine exactly whether to launch a digital euro.
According to Lagarde, if a positive decision is made, the development and implementation of the digital euro will take at least four years. Fundamental changes in legislation will be required, as well as the development of technical systems and solutions.