Christine Lagarde, president of the European Central Bank (ECB), has said the creation of a digital euro is at least two years away.
It should be noted that the ECB will decide in the coming weeks whether to go ahead with preparations for the central bank digital currency (CBDC). However, some members of the European Parliament are rather skeptical, and the initiative has to be approved by this body.
Lagarde has stated:
"It’s not until later in October that the [ECB] Governing Council will decide whether we can move ahead with more piloting of the project. The pilot will probably take us another two years, at least, before it’s the final say."
She has added that if "we can address all the conspiracy theories that abound about this – as if Big Brother was going to suddenly determine what you buy, when you buy it and how restricted it should be – then I think it would be characterized as a success."