Another step toward the digital euro has been taken: the European Central Bank (ECB) will begin the two-year preparatory phase on November 1, 2023. During this period, the analyses carried out by the ECB to date will be looked at in greater depth. The focus will be on possible design options for the digital euro, for example, as well as technical solutions for its introduction.

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What is the digital euro?

The digital euro is intended to simplify and speed up payments in international trade. Compared with conventional payment systems, the digital euro is also supposed to be particularly secure. It is not intended to replace cash, but rather to supplement it.

More information on the digital euro can be found on the ECB’s website.

After a successful preparatory phase, the ECB will start testing the digital euro.

Source: EU Commission (german)