In June, the European Union should receive its first legal proposal on the digital euro. The launch of the digital euro could be a reality in three or four years if the Bank's Board of Directors decides in October to start the preparatory phase and testing of the digital euro.
This phase can last two or three years. The digital euro is needed not only to preserve financial stability but also to standardize financial services for all EU citizens.
The digital euro is coming
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Author: Kristina Dosen
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Fiscal subject related
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Content accuracy validation date:
06.06.2023
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However, the European Central Bank will not dispose of clients' personal data, and financial intermediaries and institutions that will distribute the digital euro will have to find a balance between ensuring the confidentiality of data and fighting money laundering and terrorist financing.
The ECB will ensure that all users benefit from a basic service that enables payments between individuals, retailers, and public authorities. Europeans will be able to use the digital euro to pay online or in stores, to send money to loved ones, or to pay taxes. Banks will be able to offer additional features such as recurring payments, usage-based payments, or access to other financial services.