The EU Confirms it Plans to Develop the Digital Euro

According to Fabio Panetta, who is a member of the Executive Committee of the EU Central Bank, the European Union has plans to issue a digital euro by the end of 2026.

EU finance ministers confirmed on Monday that they plan to create a token pegged to the euro. They have also agreed that the ECB would not be able to restrict the use of the CBDC in the domestic market as a means of payment.

In addition, the officials have agreed to continue research work as part of a project to create and introduce a digital euro into the financial system of the union.

After October this year, the ECB will introduce the CBDC concept if Brussels recognizes the need to create this innovative tool.