Joachim Nagel, president of the Bundesbank and a member of the ECB, said central banks must speed up the introduction of digital currencies to remain viable. Bloomberg writes about this.
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Nagel expressed concern about the uncertain future, with faced by central banks. He noted a significant shift in perspective.
“If you had asked me 20 years ago whether the central bank business model could be disrupted, I would have said no. Now I’m not so sure,” he said.
Nagel noted the need for central banks to adapt to new conditions. The President of the Bundesbank stressed the importance of speedy action in connection with the diminishing attractiveness of physical currency.
The ECB is currently in the process of developing a digital version of the euro and plans to complete the project by October 2025.