Fabio Panetta is an executive member of the European Central Bank (ECB) and has stated that a digital currency could be created within four years. It may also include a person to-person payment system.

Panetta gave a speech Monday at the National College of Ireland. In 2023, the ECB might begin the testing and development of digital currencies for member countries of the European Union. It could take as long as three years to complete this phase. The legalization of the digital currency and its use for P2P payments would be a major step towards adoption, he said.