Digital Euro Enters 'Preparation Phase' — ECB Says 'Digital Euro Would Make Data Protection a Priority'
The
Governing Council of the European Central Bank (ECB) decided Wednesday
“to move to the next phase of the digital euro project: the preparation phase,” the ECB announced.
The ECB published a report Wednesday
detailing its findings from the investigation phase of the digital euro. The ECB detailed:
The next phase of the digital euro project — the preparation phase – will start on 1 November 2023 and will initially last two years. It will involve finalizing the digital euro rulebook and selecting providers that could develop a digital euro platform and infrastructure.
After two years, the Governing Council will decide whether to move to the next stage of preparations, to pave the way for the possible future issuance and roll-out of a digital euro.
The Eurosystem envisions a digital euro that would be free for basic use for individuals,” the ECB continued, adding that it has designed a digital euro to be
“widely accessible to citizens and businesses through distribution by supervised intermediaries, such as banks."
Moreover, the ECB stated:
“The digital euro would make data protection a priority. The Eurosystem would not be able to see users’ personal data or link payment information to individuals. The digital euro would also achieve a cash-like level of privacy for offline payments.”
