EU sets out timeline for digital euro bill

In early 2023 the European Union will consider a bill on a central bank digital currency (CBDC). Politico reported that EU financial affairs commissioner Mairead McGuinness said.

She said consultations would begin in the coming weeks.

In March the European Commission will solicit public comments on possible scenarios for using the digital euro. After receiving them, officials will determine the necessary steps to mitigate risks to financial system stability.

In October 2021 the European Central Bank (ECB) formed a consultative group on the potential development and dissemination of the CBDC. The research phase will last 24 months. The regulator has not yet decided whether to issue a digital euro.

In July the ECB Governing Council decided to begin the CBDC research phase.

The initiative to issue a digital euro arose in November 2019. In October 2020 the ECB published a comprehensive report on this topic.

In April 2021 the regulator’s chair Christine Lagarde stated that the EU could issue its own CBDC within four years if policymakers approve the project.

Subscribe to ForkLog’s channel on YouTube!