European Central Bank Decided to Proceed with CBDC Preparation
ECB Governing Council to start digital euro preparation phase following conclusion of two-year investigation phase on design and distribution of a CBDC.
- "Following a two-years investigation, the Governing Council of the European Central Bank has decided to proceed with a digital euro preparation phase to deepen on the digital euro design options and technical solutions."
"The start of the preparation phase on 1 November 2023 doesn’t pre-empt any decision on a digital euro issuance, which would be taken by the Governing Council only once the digital euro legal act has been adopted by European co-legislators."
- "Preparation phase will lay foundations for a potential digital euro, with work to include finalizing rulebook and selecting providers to develop platform and infrastructure."
“We need to prepare our currency for the future. We envisage a digital euro as a digital form of cash that can be used for all digital payments, free of charge, and that meets the highest privacy standards. It would coexist alongside physical cash, which will always be available, leaving no one behind,” said Christine Lagarde, President of the ECB.
The euro is key to our European unity. A digital euro, existing alongside cash, would future-proof our currency. It would be safe, easy to use and free of charge.
— Christine Lagarde (@Lagarde) October 19, 2023
While the decision whether to issue a digital euro will be taken later, we’re now launching the preparation phase. pic.twitter.com/fs81p7otVW
- "Preparation phase will pave way for potential future decision on issuing a digital euro."
- Summary report on findings from the investigation can be found here.
