Eurosystem Advances Digital Euro Project, Overcoming Privacy Concerns
The European Central Bank (ECB) has announced the start of the preparation phase for the digital euro project, following the conclusion of a two-year investigation phase. The preparation phase will focus on finalizing the rulebook and selecting providers to develop the platform and infrastructure for a potential digital euro. The ECB envisions the digital euro as a widely accessible form of digital cash that offers high privacy, instant settlement, and can be used for various transactions. The preparation phase will last for two years, after which the Governing Council will decide whether to proceed with the issuance and roll-out of a digital euro. The launch of the preparation phase does not guarantee the issuance of a digital euro, as the decision will depend on the completion of the European Union's legislative process.