When is the Digital Euro expected?

The European Commission’s finance chief, Mairead McGuinness previously stated that the legislation on the digital euro will be proposed sometime in 2023. The development of a digital euro is important to the European Central Bank because cryptocurrencies are growing in popularity and have many particular advantages.

The Digital Euro might speed up transactions, help lower interest rates and decrease the use of cash. The European Commission is opening consultations at the moment regarding the development of a digital euro and is calling financial services specialists to work on the project. Some issues that need to be solved are international payments, privacy, the impact on financial stability but also establishing anti-money laundering rules and ways for combating the financing of terrorism.

Moreover, additional legislative adjustments of the current EU legislative framework to adjust to the digital euro and possibly to digital currencies issued by central banks of non-euro area member states may be needed.

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