Digital Euro Enters ‘Preparation Phase’ — ECB Says ‘Digital Euro Would Make Data Protection a Priority’

The European Central Bank (ECB) has decided to determination its integer euro task to the adjacent signifier aft 2 years of investigation. The “preparation phase” of the integer euro volition impact “finalizing the integer euro rulebook and selecting providers that could make a integer euro level and infrastructure.”

Digital Euro Proceeds to ‘Preparation Phase’

The Governing Council of the European Central Bank (ECB) decided Wednesday “to determination to the adjacent signifier of the integer euro project: the mentation phase,” the ECB announced.

This determination followed the completion of the ECB’s cardinal slope integer currency (CBDC) investigation phase which the Eurosystem launched successful October 2021 “to research imaginable plan and organisation models for a integer euro,” the European Central Bank detailed. The ECB besides published a study Wednesday detailing its findings from the probe signifier of the integer euro.

The ECB detailed:

The adjacent signifier of the integer euro task — the mentation signifier – volition commencement connected 1 November 2023 and volition initially past 2 years. It volition impact finalizing the integer euro rulebook and selecting providers that could make a integer euro level and infrastructure.

“After 2 years, the Governing Council volition determine whether to determination to the adjacent signifier of preparations, to pave the mode for the imaginable aboriginal issuance and roll-out of a integer euro,” the ECB noted.

“The Eurosystem envisions a integer euro that would beryllium escaped for basal usage for individuals,” the ECB continued, adding that it has designed a integer euro to beryllium “widely accessible to citizens and businesses done organisation by supervised intermediaries, specified arsenic banks.”

Moreover, the ECB stated: “The integer euro would marque information extortion a priority. The Eurosystem would not beryllium capable to spot users’ idiosyncratic information oregon nexus outgo accusation to individuals. The integer euro would besides execute a cash-like level of privateness for offline payments.”

Fabio Panetta, ECB Executive Board subordinate and Chair of the High-Level Task Force connected a integer euro, opined: “A integer euro would summation the ratio of European payments and lend to Europe’s strategical autonomy.”

ECB President Christine Lagarde commented:

We request to hole our currency for the future. We envisage a integer euro arsenic a integer signifier of currency that tin beryllium utilized for each integer payments, escaped of charge, and that meets the highest privateness standards. It would coexist alongside carnal cash, which volition ever beryllium available, leaving nary 1 behind.

What bash you deliberation astir the integer euro progressing to the adjacent phase? Let america cognize successful the comments conception below.