European Central Bank moves 'digital euro' to next phase

European Central Bank moves ‘digital euro’ to next phase

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 The European Central Bank took a further step towards launching a digital version of the euro on Wednesday.

The ECB’s governing council said it would start a two-year “preparation phase” for the digital euro on November 1 to finalize rules and choose its private-sector partners.

The preparation phase would encompass a “testing and experimentation” stage as benefits or risks associated with the common digital currency are yet to be made clear. 

Christine Lagarde: We need to prepare our currency for the future. While we haven’t yet decided whether to issue a digital euro, we’re getting ready. We envisage a digital euro as a digital form of cash that can be used for all digital payments, coexisting with physical cash, leaving no one behind.

Our Governing Council has decided to move to the next phase of the digital euro project. In November 2023 we will start laying the foundation for the possible issuance of a digital euro. A decision on issuing a digital euro will come at a later stage.

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