Consultations regarding the issuance of the new currency will begin in the coming weeks, its prototype is expected a year later.
The Digital Euro Bill will be presented in2023, writes Politico, citing an official statement by European Commissioner for Finance Mairead McGuinness. She noted that consultations will begin in the coming weeks, with a prototype currency expected by the end of 2023.
The European Central Bank (ECB) is alreadyexperimenting with digital euro systems. To introduce a new currency, permission from the leadership of the European Union will be required. The earliest possible date for the introduction of the digital euro is 2025.
In September 2021, the head of the innovation hubBank for International Settlements (BIS) Benoît Queré has warned that central banks need to accelerate in developing their own digital currencies (CBDC). Regulators should soon create alternatives to private financial instruments, Kere said, as the decentralized finance (DeFi) industry and stablecoins could compete with traditional banks in the future.
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