Currency: Nagel: We will be able to pay with digital euro in about four years

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“Practicing the topic is not entirely trivial, but I think it’s a realistic time horizon,” Nagel said in an interview with Baden-Württemberg Finance Minister Danyal Bayaz (The Greens) on the last episode of the “Cäshflow – ein Podcast about money” podcast. and politics”, the ministry in Stuttgart published on Thursday.

Preparations for the digital version of the European common currency have been going on for years. At the end of June, the EU Commission presented its legislative framework proposals for the digital euro. The digital euro should therefore become legal tender, but not replace banknotes and coins. The European Central Bank (ECB) wants to decide in October whether it will continue to work on the digital euro.

Unlike pseudo-cryptocurrencies such as Bitcoin and Ether, whose prices often fluctuate greatly, the launch of a virtual European currency would offer private investors a more stable alternative because it would be directly linked to the euro. Additionally, with a digital euro, Europe will have its own digital payment offering as an alternative to non-European-based payment service providers such as the US giant PayPal.

“It makes sense and is consistent for central banks to complement their product line with a digital currency and provide a secure infrastructure,” Nagel said. “People, as well as the banks we need for the digital euro, will soon see the digital euro offer new opportunities and new financial products that increase financial inclusion.” The chairman of the Bundesbank is “confident that the digital euro will be a success story like the euro itself”.

(SDA)

Source :Blick