A public digital currency is moving full steam ahead, but it may take at least two more years before a digital euro potentially hits the market, according to European Central Bank president, Christine Lagarde.

The European Central Bank will make a decision on whether to move forward with the realisation of a digital euro in October. Over the past two years, the central bank has investigated and designed a prototype.

"The pilot will probably take us another two years at least before it's the final say by the Governing Council," Lagarde told lawmakers in the European Parliament in a quarterly catch-up.