The European Central Bank's response to the European Commission legislative proposals on digital euro published today

06/28/2023 / Press release

The proposed legislation on the digital euro, published today by the European Commission, will provide legal framework for the possible introduction of the digital euro as a complement to cash. Like banknotes and coins are now, a digital euro would be a universal means of payment across the entire euro area. The proposed legislative framework presented today would ensure a high level of privacy and data security for users, while minimizing the risks of money laundering.

More information about the press release is available on ECB's website.

The European Central Bank is currently conducting an investigation phase on the digital euro, which will be concluded in October this year. The Governing Council of the ECB will then decide whether to begin the next phase of the project, which would include further development and testing the proposed technical solutions. A possible decision by the Governing Council to issue a digital euro would be taken only after the proposed legislation is adopted.

You can read more about the Digital euro project on our website.