The European Union Will Consider Bill on Digital Euro in 2023

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The European Union (EU) will consider in early 2023 a bill on its central bank digital currency (CBDC), Politico has reported citing European Commissioner for Financial Affairs Mairead McGuinness.

According to her, consultations will start in the coming weeks. In March, the European Commission will ask the public for comments on possible use cases for the digital euro. After receiving them, officials will determine the necessary measures to reduce the risks of destabilizing the financial system.

In October 2021, the European Central Bank (ECB) established an advisory group on the potential development and dissemination of a CBDC. The research phase will last 24 months. At the same time, the regulator has not decided yet whether it will eventually issue a digital euro.

In July, the ECB’s Governing Council decided to launch the CBDC study phase.

The initiative to issue a digital euro arose in November 2019.