FRANKFURT, Germany—The European Central Bank (ECB) is laying the groundwork to roll out its version of a central bank digital currency (CBDC), according to a new report.
According to the ECB’s website, the “preparation phase” for the digital euro begins in November and “builds on the findings from our investigation phase.”
“The aim of the preparation phase is to lay the foundations for the potential issuance of a digital euro. This includes finalizing the digital euro rulebook and selecting providers that could potentially develop a digital euro platform and infrastructure,” Shiff Gold reported. “And it will involve testing and experimenting to develop a digital euro that meets both the Eurosystem’s requirements and user needs.”
Next Phase is Two Years
The preparation phase is expected to last for two years.
“This doesn’t mean a European CBDC is a certainty, but the ECB is clearly laying the groundwork. According to the bank, it won’t be able to roll out a digital euro until the EU adopts a legislative framework,” Schiff Gold added.
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