The ECB takes the next step towards a digital euro
The phase will last up to 24 months and aims to address key issues regarding design and distribution of a digital euro. ECB president Lagarde remarks:
It has been nine months since we published our report on a digital euro. In that time, we have carried out further analysis, sought input from citizens and professionals, and conducted some experiments, with encouraging results. All of this has led us to decide to move up a gear and start the digital euro project.
Of note, the above phase will also “assess the possible impact of a digital euro on the market, identifying the design options to ensure privacy and avoid risks for euro area citizens, intermediaries and the overall economy”.