ECB: It could be another five years before the digital euro

The ECB is currently still in the preparatory work for a digital version of the single currency.

Around the middle of this year, the Governing Council will decide whether to start a formal project. If so, start an investigation phase in which the future core properties of a digital euro are determined, according to European Central Bank director Fabio Panetta.

This will take about two years, Panetta said. According to Panetta, the Governing Council should then decide whether the project will be implemented. Implementation will take around two to three years. Only at the end of the process will the Governing Council be able to introduce a digital euro.