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What is happening at European level in relation to a Digital Euro?

Joan Knight |

In the news we see a lot of publications about Crypto coins (Bitcoins). Some countries allow the Crypto and some don’t, and some companies started to accept crypto payments. For example, in the US it’s possible to buy a Ferrari with crypto coins. Also in Europe, the European Commission is looking at the possibilities for a Digital Euro.

Can we expect the introduction of a digital euro?

The ECB (European Central Bank), together with the euro countries' national central banks such as DNB, wants to be well prepared in case European politics decides that there will be a Digital Euro.

After research, as it can be read in an official document, the ECB decided on October 18, 2023 to prepare for a possible introduction of the digital euro. The preparation phase started November 1st 2023. The ECB will be working on developing a rulebook with technical rules and agreements for payments and starts to prepare the design of technical components of the Digital Euro.

The preparation phase has been divided into two parts. After the first part of two years, the ECB will decide whether to continue with the next part. Both the European Parliament and the European Council must agree to the bill. Otherwise there will be no digital euro. The digital euro is also a topic of discussion (Fiche 1) in the Dutch parliament.

A Digital Euro may sound futuristic, however 2025 is sooner than we think, so let’s keep track of what’s happening.

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