In a blog posted yesterday, the Central Bank of Ireland’s Governor Gabriel Makhlouf shared his thoughts on the promise of a digital euro, stating that the European Central Bank’s rollout of a central bank digital currency (CBDC) is inevitable. Europe has not yet made an official decision on a digital euro. Only a two-year research project has been approved.
“In my view, it’s not a question of ‘if’ but rather ‘how and when’. To be clear, cash won’t disappear; a digital euro will complement it,” he wrote.
To give context to the concept of a CBDC, the governor outlined other types of digital currencies. Writing about “cryptocurrencies,” Makhlouf was rather pessimistic, viewing the term as an “unhelpful and misleading descriptor” because the word “currency” encourages a comparison to actual money, when this is not the case.
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