The European Central Bank has unveiled plans to launch a digital version of the Euro, according to the Bloomberg report.
“The euro is fit for the digital age. We should be prepared to issue the digital euro, should the need arise,” President of the European Central Bank Christine Lagarde said.
According to the ECB, the pilot will start on Oct. 12 and be held along with a public consultation. It is expected ECB will end the experiment in mid-2021after which they could decide on the digital euro issue.
A Central Bank Digital Currency (CBDC) will allow residents of European countries to make deposits with the ECB directly. That’s typically only an option for commercial lenders, governments, and other central banks.
As previously reported, the People’s Bank of China is about to issue its national digital currency, dubbed DCEP. The news comes amid China steadily accelerating the pace of its blockchain adoption.