The digital euro, an expected reality “within five years”, according to Mrs. Christine LAGARDE, President of the European Central Bank The digital euro, an expected reality “within five years”, according to Mrs. Christine LAGARDE, President of the European Central Bank

The digital euro should become a reality within 5 years, said the President of the European Central Bank Christine LAGARDE yesterday, while a survey by the institute puts the confidentiality of this means of payment at the top of citizens' expectations.

“I think we will have a digital euro” and “in no more than five years I hope”, said Ms Lagarde at a virtual economic conference on Wednesday.

The most requested feature for a digital euro is the confidentiality of payments, according to a public survey by the ECB, the first results of which were announced yesterday by the institute. Payment confidentiality “ranks first among the requested characteristics of a potential digital euro (41% of responses), followed by security (17%) and pan-European reach (10%)”, says a press release

A total of 8221 citizens, businesses and professional associations responded to this online questionnaire launched last October and which ended on Tuesday, a “record” among the public consultations launched to date by the ECB, it is indicated.

“The high number of responses” shows the “great interest” of the public in “shaping the vision of a digital euro”, said Mr Fabio PANETTA, member of the ECB's Executive Board and chair of the working group on the subject. In the spring, the Governing Council of the ECB will decide whether or not to launch this colossal project

The downward trend in cash in current payments accelerated during the Covid-19 pandemic, but this payment method is still popular with citizens, especially in Germany, as it ensures the anonymity of purchases.

The digital euro will be “like banknotes, but in a digital form” to “make daily payments quickly, simply and securely”, explains the ECB.

The institute also intends to respond to the launch of private global payment methods such as Libra, the cryptocurrency project launched by Facebook, and those adopted by other central banks such as the Chinese crypto yuan with global ambitions.