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The European Union is studying and preparing to legislate the digital euro by 2023

The European Union is studying and preparing to legislate the digital euro by 2023

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Answer The European Union is studying and preparing to legislate the digital euro by 2023

The European Commission aims to create a legal framework in preparation for the issuance of the digital euro by 2023.

The digital euro awaits the green light:

The European Union may get a digital euro someday, but it won’t be this year.

Which he confirmed and stated Mered McGuinness, EU Commissioner for Financial Stability, Financial Services and Capital Markets Association, turned it around, saying:

The bill creating the framework under which the digital euro will operate is not planned until late 2023.

He added:

The legislation will be used by the European Central Bank as a legal basis for establishing a central bank digital currency.

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The legislative initiative will also include full EU-wide coverage of instant payments through the Sepa Instant Credit Transfer early next year, and will aim to address and collect the fragmented market for real-time cross-border payments.

The aim is also to stimulate open banking initiatives across the European Union.

Although few details are available, EU Finance Director McGuinness announced the commission’s legislative plans at the FinTech Conference on Wednesday.

During the announcement, McGuinness stated:

Our goal is to have legislation in place in early 2023.

There will be a meaningful legislative consultation in the coming weeks.

The European Central Bank is currently conducting internal trials of the digital euro and plans to develop a prototype by the end of 2023.

Policy makers have already begun to conduct these experiments due to the growing popularity of cryptocurrencies and due to pressure from tech giants, who are developing their own new digital payment methods.

ECB Executive Board member Fabio Panetta told MEPs in mid-November 2021:

If we don’t meet this demand, others will.

Although policy makers within the Commission and across Europe have already joined in the idea of ​​a central bank digital currency, it will be the European Central Bank’s Governing Council that will have the final say on whether a digital euro is needed.

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