ECB's Jens Weidermann: digital euro launch should be a 'gradual approach'

German Federal Bank President Jens Weidmann said the digital euro should have a limited role initially as it could disrupt the bank sector and put more pressure for central banks, Reuters reports, citing comments he made at a conference. "A gradual approach might make more sense given the risks involved - that means a digital euro with a specific set of features and the option to add further functionalities later." The European Central Bank ("ECB") launched the investigation phase of a digital euro project in mid-July, which is set to last for two years, but the actual launch of the cryptocurrency could still be five years away, Reuters notes. Weidermann argued that in times of crisis, consumers could convert their bank deposits to central bank money, which would destabilize the financial system as they withdraw an important source of funding. In the crypto universe, Bitcoin ((BTC-USD +0.8%)) rises even after the Securities