ECB Officials Transition to ‘Preparation Phase’ for Digital Euro

The governing council of the European Central Bank (ECB) has announced the initiation of the “preparation phase” for the digital euro project after completing a two-year investigation.

In a notice dated October 18, the ECB stated that it intends to begin “laying the foundation for the possible issuance of a digital euro” starting November 1. The central bank emphasized that the actual issuance of a central bank digital currency (CBDC) is not guaranteed. This announcement came alongside the release of a comprehensive 44-page report detailing the design and distribution of a potential digital euro.