The European Central Bank announced that it will enter the 'digital euro' preparation phase next month and will formulate relevant regulations and select development suppliers.

According to news from this site on October 19, the Governing Council of European Central Bank (ECB), which is responsible for formulating the Euro system, said yesterday that has ended the two-year digital euro investigation phase and will be held on October 11. On March 1, it entered the same two-year "preparation phase" for the digital euro. This phase is expected to formulate laws and regulations related to the digital euro, and select specific platform developers and infrastructure suppliers.

The European Central Bank announced the launch of the Digital Euro Project in July 2021. The first phase is a two-year investigation to explore the design and significance of the digital euro. The investigation report was released this week. The European Central Bank hands over the distribution of the digital euro to "trusted" banks and claims that people and businesses can benefit from it.

The European Central Bank regards the digital euro as a "digital form" of cash (note on this site: similar to "digital renminbi"), supports offline use, and has the "highest level of privacy". Users can immediately Settlement of digital currency with bank counterpart funds.

The preparatory stage, which is about to enter in November, will determine the relevant laws and regulations for the digital euro, select platform and infrastructure suppliers, and launch a series of tests to develop a system that is “compatible with the Euro system at the same time.” and usage requirements” digital euro.

The European Central Bank stated that the entry into the preparation stage of relevant projects has nothing to do with the "final decision on whether to actually issue a digital euro." The issuance of a digital euro must be completed by the European Union after the relevant legislation is completed, and then the ECB will take over the review. In addition, the European Central Bank also emphasized that the digital euro will coexist with physical cash, and people will always be able to use physical cash.

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