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ECB’s digital euro project to enter preparation phase from next month | Fintech InShorts: Latest fintech news, analysis by experts

ECB’s digital euro project to enter preparation phase from next month

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ECB’s digital euro project to enter preparation phase from next month

October 21, 2023

The European Central Bank (ECB) is entering the “preparation phase” of its digital euro project on November 1, 2023.
This phase involves selecting providers for the digital euro’s supporting platform and infrastructure and finalizing regulations and a rulebook.
The preparation phase is expected to last for two years.
The ECB will also test and experiment with the digital euro to ensure it meets Eurosystem and end-user requirements, with a focus on privacy, financial inclusion, and environmental impact.
The outcome of this phase will determine whether the ECB proceeds to the next stage, which may involve full-scale issuance of the digital euro.
It’s important to note that the preparation phase is not a final decision on whether to issue a digital euro.
ECB President, Christine Lagarde, envisions the digital euro as a free, private, and widely accepted digital form of cash that coexists with physical currency.
Privacy is a core focus of the project, and the ECB aims to dispel privacy concerns and conspiracy theories.

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