The European Central Bank's (ECB) digital euro project is entering its final phase, according to Fabio Panetta, a member of the ECB's executive board. Panetta stated that the digital euro would focus on making payments easier for Europeans, with the goal of establishing it as a universal payment method. He also suggested that the digital euro could be given legal tender status, obliging all merchants to accept it, and allowing banks and payment processors to reduce their reliance on other providers. Panetta emphasized that the digital euro should fulfill ideal requirements, including the ability to be used anywhere in the euro area, regardless of the intermediary or country. The next phase of the project will involve the development and testing of technical solutions and working with the European Commission on legislative proposals.

(By Sergio Goschenko)