According to a study conducted by the European Central Bank (ECB) that was published on Thursday, commercial banks may face massive capital outflows after the launch of the digital euro.
The report concludes that European users will start to transfer their savings to the CBDC, which will create problems for the traditional financial sector.
ECB spokesman Fabio Panetta said in mid-May that the digital euro could be integrated into the EU’s payment system in 2026. Over the next few years, the EU regulator will test the token and analyze the consequences of its distribution in the eurozone.
Panetta also believes it is necessary to limit the use of CBDCs.