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EU Is About To Introduce The Digital Wallet

Executive Board member of the European Central Bank (ECB), Fabio Panetta, said in a lecture at the National College of Ireland that the ECB is working on a preparation phase to launch the Digital Euro. This phase will be completed in late 2023, allowing EU member countries to test the new CBDC for the next 3 years before making it publicly available.

Panetta said during his speech that the digital euro could boost the European economy when used as legal tender among all EU members. He also noted that the ECB and other institutions will help stimulate adoption through various tactics, including a heavy advertising campaign.

According to Panetta, the digital euro could help preserve confidence in fiat money by helping to "maintain its role as a monetary anchor in the digital age," a role it has lost due to the erroneous monetary policies that have been carried out in different countries to try to safeguard the economy.

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