The European Union is preparing a legislative framework for the creation and operation of the digital currency of the Central Bank.
The European Commission (EC) is preparing a bill that will support the efforts of the European Central Bank (ECB) to develop a digital euro. Back in October, ECB formed a group of consultants to create their own cryptocurrency.
The European Commission intends to submit a completed bill at the beginning of next year, but for now its text is being coordinated with the legislative bodies of the EU member states. Broad public consultations “on the issue of the continental state digital currency” are envisaged. Executive Commissioner Mairead McGuinness assured that these consultations will begin in the coming weeks.
The ECB is already actively testing the digital currency of the Central Bank, assessing the impact of the future CBDC on the financial system of the eurozone. The executive’s Monetary Authority hopes to begin work on the prototype by the end of 2023. The official release of the digital euro may take place in 2025.
Recall that in November 2021 it became known that the European Council and the European Parliament are working on creating a regulatory framework for the operation of the crypto assets market.
Source: Bits
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