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The European Central Bank ready for the next phase of the digital euro

2023-10-18 21:06:00, Kosova & Bota CNA
The European Central Bank ready for the next phase of the digital euro
Illustration photo, taken from stock.adobe

The European Central Bank (ECB) announced on Wednesday that its governing council will begin a preparatory phase of the digital euro after completing a two-year investigation into its design and deployment.

The preparatory phase will start in November, is set to last two years and will be used to finalize a digital euro regulation, select providers to develop a CBDC platform and conduct further testing.

After that, the bank's governing council "will decide whether to move to the next stage of preparations, to pave the way for the possible future issuance and issuance of a digital euro," the announcement said.

Moving into a preparatory phase is not a decision to issue a digital euro, the bank said. A decision "will be considered by the Governing Council only after the European Union's legislative process has been completed". The European Commission in June published legislative proposals for a digital euro, but this is only the first step in a complex process that could take years to complete.

A report published alongside Wednesday's statement said the ECB designed a digital euro that would be "widely accessible to citizens and businesses through distribution by supervised intermediaries such as banks"./ CNA





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