by Frank Bergman, Slay News:
European Central Bank (ECB) President Christine Lagarde has confirmed that the “digital euro” will be rolled out in Europe this year.
Lagarde revealed that the European Union’s central bank digital currency (CBDC) will launch in October 2025.
The ECB has been working on the digital euro for over five years.
It is currently in the “preparation phase” which started in November 2023.
The October launch of the digital euro is the next phase.
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In October, the actual rollout of the digital euro will begin across the EU member states.
During a press conference, Lagarde said:
“The deadline for us [to make the digital euro a reality] is going to be October 2025 and we are getting ready for that deadline.”
“But, we will not be able to move unless the other parties, the stakeholders as I call them – [European] Commission, Council, and Parliament – actually complete the legislative process, without which we will not be able to move.”
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It comes as many question the feasibility and necessity of a CBDC.
Concerns include government overreach, data privacy, and the challenge of integrating the digital euro into the financial system.
In a post on LinkedIn last year, Lagarde claimed:
“We envisage a digital euro as a digital form of cash that could be used for all digital payments, free of charge, and that meets the highest privacy standards.
“It would co-exist alongside physical cash, leaving no one behind.”
However, experts dispute her claim that a CBDC could co-exist alongside physical cash.
As Forbes pointed out:
“While the Digital Euro is slated to ‘co-exist’ with cash, this also comes when EU nations are voting on ending end-to-end encryption (a critical digital privacy tool) and have started to restrict cash with limits being placed on how much you can spend in cash to accelerate its slow demise.”
Forbes had previously noted that central banks around the Eurozone cited the need for the digital euro because of the declining use of cash in society and the rise of private solutions such as cryptocurrencies.
