There will be a proposal from the European Commission soon for legislation to establish a digital currency central bank.
Digital currencies are currently being studied by the European Commission in order to determine whether they can be developed.
Christine Lagarde, President of the European Central Bank, stated that the European Commission would “soon” present a legislative proposal for a digital currency. She made this statement in a video statement to the conference “Towards a legal framework enabling a virtual euro for citizens and business”.
Lagarde stated that “the timely adoption of a legal structure for the digital euro would provide all stakeholders with the legal certainty they need to prepare for its eventual introduction and send a strong message of support.”
She added that she was looking forward to the European Commission’s legislative proposal to establish a digital euro.
The European Central Bank’s digital euros project focuses on making central bank money available digitally. The bank launched a study into the development of a digital currency central bank in 2021. It also sought outside opinions through public consultations from April to June.
In September 2023, the two-year digital euro examination will be completed. The European Central Bank will also announce whether it will launch a digital currency central bank.