The finance ministers of the euro-currency bloc intend to agree on the strategic goals of adopting a single digital currency of the central bank in the territory of the European Union.

A draft law on giving the digital euro the status of legal tender, mandatory for adoption by all business entities in the territory of the Eurozone countries, will be submitted to the vote of the European Parliament in the near future.

“Giving central bank digital currency (CBDC) the same status as traditional banknotes, coins, means that payments will be legally binding at the full face value of the digital euro,” reads the text of the bill prepared by the Eurogroup secretariat.

In January, during the previous discussion on the prospects for the use of CBDC, EU finance ministers came to a common opinion that the digital euro should receive the status of fungible money and not have programmable restrictions for use as a form of payment by sellers and buyers.

The Eurogroup members called on the European Central Bank (ECB) to ensure confidentiality and transparency of settlements when using the digital euro. The Governing Council of the ECB is expected to decide on the launch of the CBDC in the third quarter of 2023.