The European Central Bank plans to complete studies on the digital euro by the end of autumn 2023.
After that, the regulator will present the official concept of CBDC, according to the report of the ECB, published in the middle of this week. Its authors believe that the regional digital currency will benefit the EU financial sector only if the use of the token is massive and ubiquitous.
It's too early to start designing a CBDC. It is necessary to form a model for testing and phased implementation of digital currency.
The report notes: "According to our research, ordinary users value the digital euro's ease of use, low transaction costs, security, and high speed."
The ECB believes that the launch of the token will solve the problem of insufficient availability of banking services and will allow forming a model of an independent European financial system.
In May, Fabio Panetta, who represents the leadership of the EU Central Bank, said that the digital version of the euro could appear on the market around 2026.