This is what the European Commission said: They say that a bill for a digital euro will be made in 2023.
Finance chief Mairead McGuinness officially told a fintech conference on Wednesday that the EU is seriously considering legislation for the digital euro. This was the news that first came from Politico.
„People in charge of the financial service said that their goal is to have legislation ready by early 2023.
„There will be a specific legislative meeting in the next few weeks.““
If you want an electronic euro, the European Central Bank (ECB) is already working on designs and systems for it. The first prototype is expected to be ready in late-2023.
If a digital euro is to be used, it will need to be approved by the governors of the Eurozone.
It could be ready for use by 2025 if they give it the go-ahead.
The digital euro is a central bank digital currency (CBDC), which is a type of money that central banks around the world are very interested in.
CBDCs have become more popular because people are worried that the popularity of cryptocurrencies will eventually weaken their own currencies.
Fabio Panetta, a member of the ECB Executive Board, said in mid-November that if the ECB doesn’t meet this demand, someone else will. He was pushing for a digital euro.
ECB did research on digital currencies last year and wrote a report.
It found that a digital euro could help lower interest rates, speed up transactions, and cut down on the use of cash.
Central bankers have a hard time getting the public to like them, no matter what the benefits are.
Research by the UK’s economic affairs committee and Germany’s central bank shows that most people don’t like government-backed digital currencies because they don’t trust them and are afraid of the government snooping on them.
Because CBDCs are becoming more popular with governments around the world. Recently, Kenya’s central bank asked for public input on the idea of a digital „shilling.“ Thailand has already started putting rules in place for a future retail CBDC.
This is how it works: The Central Bank of the Bahamas was the first to start using a CBDC. The Sand Dollar is set to be used in October 2020.
China, on the other hand, still has the first-mover advantage in the world of digital currency.
The country has continued to make big changes in the CBDC space. The international community hasn’t kept up.