MUNICH (dpa-AFX) - Former Bundesbank President Jens Weidmann has warned against exaggerated expectations of a possible digital euro. "I have not yet identified any need, neither for myself nor for others," Weidmann, who is now Chairman of the Supervisory Board of Commerzbank, told the "Süddeutsche Zeitung" (Friday) according to an advance report. "We all already have digital money in our current accounts. Digital central bank money, as I would call it more precisely, will only be accepted if it offers citizens a concrete benefit over and above what already exists."

Preparations for a digital version of the European common currency to complement cash have been underway for some time. At the beginning of November, the ECB launched a two-year preparatory phase in which the rules and regulations for the digital euro are to be finalized. At the end of this phase, the euro currency guardians want to decide whether to pave the way for the introduction of a digital variant. The European Commission presented proposals for a legal framework at the end of June 2023: The digital euro is to become legal tender, but not replace bills and coins./ben/DP/nas