European Central Bank Nears Completion of Digital Euro Preparations

According to PANews, European Central Bank President Christine Lagarde announced that the ECB is nearing the completion of preparations for the issuance of the digital euro, pending legislative approval. Lagarde highlighted that the initiative is driven by changing payment habits among eurozone consumers, with some favoring electronic payments while others continue to rely on cash. The digital euro is intended to circulate alongside physical currency, with new banknotes also set to be issued in the coming years. The ECB aims to establish a unified cross-border payment system through the digital euro, encompassing personal, business, and online transaction scenarios. However, it is emphasized that the digital euro is designed to complement, not replace, existing payment tools. The project, which began six years ago, has reached a stage where technical preparations are largely complete, with its implementation timeline dependent on the EU legislative process.