To carry out transactions with an e-euro, it would be necessary to wait until 2026 maximum according to the European Central Bank, which works on this site. The objective of this future tool is to meet a growing demand for electrical payments and a significant decrease in the use of cash.  

Christine Lagarde, the Director General of the European Central Bank (ECB), sets a maximum of 5 years as possible for the introduction of the digital euro, an electronic form of central bank money that exists alongside cash.

LIKE BANKNOTES

In practice, the digital euro will be "like banknotes but in a digital form" to "make daily payments in a fast, simple and secure way", continued the former directive of the International Monetary Fund (IMF).

These remarks, reported by Reuters, were made on the occasion of the delivery of the results of a public consultation on the creation of a digital euro launched a year ago. Via an online questionnaire, both individuals and professionals could submit their proposals on the functionalities of this future device, the obstacles to its implementation and the model they think is the most attractive (with or without an intermediary for example).

In total, the consultation received responses from 8221 participants. A "record" among the public consultations launched to date by the institution, the ECB is pleased.

INCREASED DEMAND FOR PAYMENT CONFIDENTIALITY

Payment confidentiality is "the first among the requested characteristics of a digital euro (41% of responses), followed by security (17%) and pan-European reach (10%)," the statement said.

A more comprehensive analysis of this consultation will be published in spring 2021. It will be "an important contribution" to the Governing Council of the ECB, the main decision-making body, when it decides to launch the digital euro project.

A DECLINE IN THE USE OF CASH

The Eurosystem working group, bringing together experts from the ECB and 19 euro area national central banks, has already identified several possible scenarios that would require the issuance of a digital euro, such as an increased demand for electric payments in the euro area, a significant decrease in the use of cash as a means of payment...

Experts also cite "the launch of global private means of payment," such as the Facebook-led cryptocurrency Libra, which raise "regulatory concerns" and "risks to financial stability and consumer protection."

The Bank of France is also considering launching a central bank digital currency (MDBC) in the near future. This cryptocurrency should improve the efficiency of the financial system by streamlining transactions.