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The European Central Bank Moves The Digital Euro Project Into Its Subsequent Phase
Following the conclusion of the preparation phase for the digital euro project, which is scheduled to last until the end of 2025, the ECB will determine whether or not to issue a CBDC, as announced. The digital euro, which adheres to stringent privacy standards, would coexist with physical currency as a digital form of currency. Following the successful completion of Project Mariana, a CBDC initiative undertaken by multiple central banks, the ECB took this action. Nevertheless, certain senators in the United States oppose a CBDC out of concern that it would compromise financial privacy and facilitate government surveillance.
The European Central Bank (ECB) Governing Council, as reported by CryptoPotato, declared on October 18 that the digital euro project would enter its subsequent phase after a two-year investigation phase concluded. Commencing on November 1 and lasting for an initial period of two years, the preparatory phase will consist of testing, finalising the digital euro regulations, and selecting technology providers.
The European Central Bank (ECB) intends to make a determination regarding the potential issuance of a Central Bank Digital Currency (CBDC) once the preparatory stage concludes in late 2025. This decision will not be rendered until the conclusion of the EU legislative process, an undertaking that is probable to persist into the subsequent year. Whether or not a digital euro is introduced is ultimately determined by the EU Parliament and the Council of the EU.
The proposed digital euro would enable private physical transactions as a digital form of currency. It would be universally available, provide complimentary fundamental usage, and adhere to the utmost privacy protocols. Christine Lagarde, president of the European Central Bank, emphasised that the digital euro and tangible currency would coexist to ensure that no one is left behind. Digital euro services would be accessible via banks or a "Eurosystem" application; individuals lacking bank accounts could utilise a card issued by a public entity such as a post office.
The Bank for International Settlements, in collaboration with the central banks of France, Singapore, and Switzerland, declared the successful culmination of Project Mariana, a novel CBDC initiative, earlier this month. The Atlantic Council CBDC tracker indicates that eleven nations have implemented CBDCs, the majority of which are located in the Caribbean, excluding Nigeria. Several senators in the United States continue to oppose a CBDC on the grounds that it would compromise financial privacy and facilitate government surveillance.
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