ECB's Panetta: We expect to develop a digital euro prototype some time in 2023

Remarks by ECB executive board member, Fabio Panetta

• Digital euro would enable people to continue using central bank money as a means of exchange in the digital era
• Digital euro would also allow users to benefit from high standards of privacy
• ECB to investigate the key issues related to the design and distribution of a digital euro over the next two years
• Digital euro will be designed to be an efficient means of payment, but also to preserve financial stability
• We expect to narrow down the design-related decisions by the beginning of 2023 and develop a prototype in the following months

It looks like they are looking to put a firm timeline on the matter and one can expect that if other major central banks are stepping up their game, everyone else would also want to join suit so as to not get left behind.