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“A digital euro should first and foremost meet the retail payment needs of the euro area,” they wrote, making clear that the focus was on a consumer-level or retail CBDC rather than the less ambitious wholesale version which would be used for intra-bank settlements. The timeline shared by the finance ministers shows that the current investigation phase, including presentation of the high-level design for the digital euro in Q2 2023, will last until fall of this year, after which the decision will be made about whether to initiate the realization phase.
A former adviser to the Bank of England also weighed in on the potential downside risks of central bank digital currencies. In an opinion piece published in the Financial Times on Monday, Tony Yates said that CBDCs are “a road that central banks should not be going down.”
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