The decision about the release of the digital euro will be made by mid-2021. However, it could take much longer for the project to take shape. According to the ECB president Christine Lagarde, it could be four years before the launch of the project, Decrypt reports. The work on the digital euro will begin after receiving the approval of lawmakers, the source says.
When it comes to the development of the Central Bank Digital Currency (CBDC), Europe is falling behind several countries that already successfully implemented digital asset pilot programs at various stages.
Most recently, the Eastern Caribbean Central Bank (ECCB) launched the pilot of its CBDC, DCash. According to the source, users living in Saint Kitts and Nevis, Antigua and Barbuda, Grenada, and Sant Lucia can now use the app to transfer digital currency to other users or pay to merchants.
The Bank of Jamaica announced the pilot of its CBDC to happen between May and December 2021. Moreover, the technology for the pilot will be provided by the Irish company eCurrency Mint.
Despite not planning to launch its own CBDC in the near future, the Bank of Japan (BOJ) is planning to experiment with CBDC this spring. BOJ conducts research and experiments to prepare for the issue of the CBDC when there is a need for one.