EU announces timetable for consideration of digital euro bill
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In early 2023, the European Union will consider a bill on central bank digital currency (CBDC). This was announced by European Commissioner for Finance Meiread McGuinness to Politico.
Consultations will begin in the coming weeks, she said.
In March, the European Commission will seek public comment on possible scenarios for the use of the digital euro. Once received, officials will identify the necessary measures to mitigate the risks of destabilizing the financial system.
In October 2021, the European Central Bank (ECB) formed an advisory group on the potential development and diffusion of the CBDC. The study phase will last for 24 months. However, the regulator has not yet decided whether it will issue the digital euro.
Last July, the European Central Bank's board of governors decided to launch the research phase of the CBDC.
The initiative to issue the digital euro emerged in November 2019. In October 2020, the ECB published a comprehensive report on the topic.
In April 2021, the regulator's president Christine Lagarde said that the EU could issue its own CBDC in four years if policymakers approve the project.