In 2023, the European Union will formally propose laws relating to a digital euro, according to the European Commission.
According to Politico, a top official from the European Commission made the announcement on Wednesday, which was first reported by the publication.
Mairead McGuinness, EU Commissioner for Financial Stability, Financial Services, and the Capital Markets Union, told the publication that the EU’s goal is to present legislation in early 2023. “In the following weeks, there will be a targeted legislative consultation.”
As previously noted, the transition to a digital euro will be a long and drawn-out process, with European authorities stating that any potential launch will be some years away. The European Central Bank (ECB) is conducting research in this field in collaboration with other aspects of the European Union’s governing machinery, according to the European Commission.
The European Central Bank (ECB) established a 30-member advisory group focused on the digital euro in October, with members drawn from the banking and payments sectors. Officials in Europe have stated that any digital euro launch will necessitate collaboration with the business sector, in line with what other central banks across the world have declared in relation to their respective CBDC initiatives.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.