The European Central Bank is stressing the need for immediate action in creating a digital euro, cautioning that slow legislative progress could hinder Europe's competitiveness in central bank digital currencies (CBDCs). Evelien Witlox, the ECB's digital euro project manager, emphasized the importance of accelerating efforts as countries like the UK and China advance discussions on their own digital currencies. Witlox highlighted the lack of a EU-wide digital payment solution and the dependence of many eurozone countries on non-European card schemes like Visa and Mastercard. To address these challenges, the ECB initiated a CBDC exploration project in October 2021, but progress has been hindered by ongoing legislative processes. Witlox expressed concerns that delays could impede Europe's ability to develop the digital euro in a timely manner, but remains optimistic about Europe's position in the global CBDC landscape. Read more AI-generated news on: https://app.chaingpt.org/news

#CBDC