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European Central Bank Moves Forward on CBDC Project After Concluding 2-Year Research Phase

On October 18, the ECB Governing Council stated that it had decided to move to the next phase of the digital euro project. The move into the preparation phase for a potential European CBDC follows the completion of a two-year investigation phase. The preparation stage will start on November 1 and will initially last two years. It will involve finalizing the digital euro rulebook, selecting technology providers, and testing. After the preparation phase, which is due to be finalized at the end of 2025, the ECB will decide whether to move forward with actually issuing a CBDC. This decision would come only after the EU legislative process is complete, which is likely to take it into the following year.

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