According to Bloomberg, Nagel, president of the German Federal Bank, said that technological innovations in the past few years have raised questions about the future of central banks, and officials must "accelerate" to adapt, including digital currencies. He said in Basel: "If you asked me 20 years ago whether the business model of central banks could be destroyed, I would have said it was impossible. Now I am no longer so sure, and that's why we are here. We need to improve our business model. Distributed ledger technology (DLT) is just a means, a tool that can help us get there." Nagel emphasized that for the digital euro, "we really need to get there" and "we need to speed up in all of these aspects." He pointed out that if your core product is losing its appeal, then you need to think about another new core product, referring to the waning interest in physical currency - even in cash-loving Germany. He also said that public attention has shifted to retail CBDC, where consumers will directly obtain digital central bank currency just as they hold cash now.
