Today the Governing Council of the European Central Bank (ECB) announced it was progressing the digital euro to a two-year preparation phase starting November 1. The central bank emphasized that this is not a decision to launch the central bank digital currency (CBDC).
After the two year phase the central bank could extend the period. A decision to launch will also rest with the ECB Governing Council, which is very likely to vote to proceed.
However, that’s provided supporting legislation is passed following the recently published EU first draft. It remains to be seen how straightforward that will be. Initial parliamentary debates indicated a mixture of stances with vocal opposition from some Eastern European states and right-of-center political parties.
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