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FILE PHOTO: FILE PHOTO: German Bundesbank President Jens Weidmann presents the annual 2018 report in Frankfurt
FILE PHOTO: FILE PHOTO: German Bundesbank President Jens Weidmann presents the annual 2018 report in Frankfurt

“A gradual approach might make sense given the risks involved – that means a digital euro with a specific set of features and the option to add further functionalities later,” Weidmann told a conference.

The ECB gave the digital euro a green light earlier this summer but the actual launch of the currency could still be around five years away.

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Among his key concerns, Weidmann argued that in times of crisis, consumers could rush to convert their bank deposits to central bank money, destabilising the financial system as they withdraw a key source of funding.

For a look at all of today’s economic events, check out our economic calendar.

(Reporting by Balazs Koranyi; Editing by Francesco Canepa)

 

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