The European Commission intends to draft legislation for the digital euro “soon,” according to European Central Bank President Christine Lagarde’s video speech at the “Towards a Legislative Framework Enabling a Digital Euro for Citizens and Businesses” conference.
In 2023, the European Commission plans to introduce a digital euro bill. The commission’s proposals to submit legislation are the most evident hint yet that a digital euro might be adopted in the coming years. Lagarde stated:
“The prompt adoption of a legislative framework for the digital euro would provide all parties with the legal clarity they need to prepare for its future deployment while also sending a strong signal of political support. I’m looking forward to the legislative proposal for establishing a digital Euro that the European Commission will make soon.”
The European Central Bank’s digital euro initiative aims to make central bank money available digitally. In 2021, it initiated research on building a central bank digital currency and solicited external comments on developing the digital euro through public consultations from April to June.
The two-year study of the digital euro will complete in September 2023, with an indication of whether the European Central Bank would issue a central bank digital currency.
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