CandleFocus

ECB official calls for urgency on digital euro amid global CBDC race

Author: Content Editor
The European Central Bank (ECB) has expressed concerns about delays in the development of the digital euro, urging faster action to prevent Europe from falling behind global competitors. Evelien Witlox, the ECB's project manager for the digital euro, highlighted that countries in the eurozone lack a national card scheme, relying on international players like Visa and Mastercard. The ECB launched a central bank digital currency (CBDC) exploration project in October 2021, but the legal framework needs to be finalized by the European Parliament and Council. The ECB emphasizes the need for urgency to ensure the digital euro is available when needed and that Europe remains at the forefront of CBDC development.

Related News