ECB may kick off development of digital euro by end-2023, Panetta says

BY Reuters | ECONOMIC | 05/16/22 04:48 AM EDT

FRANKFURT (Reuters) - The European Central Bank may kick off the development of its digital euro, an electronic version of banknotes and coins, by the end of next year, ECB board member Fabio Panetta said on Monday.

"Finally, at the end of 2023 we could decide to start a realisation phase to develop and test the appropriate technical solutions and business arrangements necessary to provide a digital euro," Panetta said. "This phase could take three years."

(Reporting By Francesco Canepa; Editing by Toby Chopra)

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