ECB will begin preparation phase for the digital euro

On November 1, the preparation phase for a possible digital euro begins, according to the European Central Bank. Aspects such as legal and regulatory framework, suppliers, technology and infrastructure will be studied

This Wednesday, the European Central Bank announced the start of the test phase for a possible digital euro starting next November 1.

Members of the ECB council indicated that with this preparation phase, aspects such as the necessary technologies and platforms, the regulatory framework, the providers and issuers of the digital euro, among others, will be investigated.

“After two years, the Governing Council will decide whether to move to the next stage of preparation, to pave the way for the possible future issuance and launch of a digital euro,” the ECB stated.

It is important to clarify that the beginning of the preparation phase does not mean that a digital currency will be issued. Nor is it a tool to decide whether to issue a digital euro, since it is the power of the Governing Council to make that decision “once the legislative process of the European Union has been completed.”

Since June of this year, the European entity has launched several initiatives related to this important decision. In any case, “the launch of any digital euro will likely attract the attention of regulators and legislators, who will have their elections for the European Parliament in June 2024.”

Regarding the crystallization of a digital asset in the community, 2026 is discussed as a possible scenario, after the relevant tests and studies.


Source: cointelegraph

(Reference image source: Christian Lue, Unsplash)

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