The president of the European Central Banking concern, Christine Lagarde, has said that the banking company should reach a conclusion on releasing a digital euro early on side by side year.

In an online policy console held on November. 12, Lagarde stated that the European Central Depository financial institution, was not "racing to exist first" in its efforts to release a central bank digital currency, or CBDC. However, she said that the results of the consultation the cardinal bank launched in October on a digital euro would exist ready in January 2021.

"At that point in fourth dimension we will make the conclusion as to whether or not we go forward with the digital euro," stated Lagarde. "My hunch — only this is a decision that volition be taken collectively — is that we might well get in that direction."

The ECB'due south president said the bank all the same had to address concerns when it comes time to brand a final decision on a CBDC. In particular, she said the ECB would consider anti-money laundering and countering the financing of terrorism measures in improver to user privacy.

Lagarde gave Facebook'due south Libra token and China's contempo digital yuan trials equally examples of how the central depository financial institution cannot rush a rollout, giving a rough gauge of the timeline should the ECB continue:

"This is a project that will probably take us two, three, four years before it is launched."

Too speaking on the panel were Federal Reserve Chair Jerome Powell and Bank of England Governor Andrew Bailey. Powell reiterated his position on a cardinal depository financial institution digital currency, stating that it was "critical that we get it right as opposed to trying to be the outset." The Banking company of England governor brash the panel that people had the right to "expect certainty of value" in whatsoever currency.

Lagarde has repeatedly stated her support of a digital euro since her time as the caput of the International Monetary Fund, though the European Fundamental Banking company has not yet made an official decision on a CBDC. The central bank recently opened a public consultation to become feedback from users on what they look from a digital euro.