The bill on the digital euro will be presented in 2023, Politico reports citing an official statement by European Commissioner for Finance Mairead McGuinness. She has noted that the consultations will begin in the coming weeks, while the prototype currency is expected by the end of 2023.
The European Central Bank (ECB) is already testing digital euro systems. The introduction of a new currency will require permission from the leadership of the European Union. The earliest possible date for the introduction of the digital euro is 2025.
The head of the innovation hub of the Bank for International Settlements (BIS), Benoît Cœuré, warned in September 2021 central banks need to accelerate in developing their own digital currencies (CBDC). Regulators should soon create alternatives to private financial instruments, Cœuré, as the decentralized finance (DeFi) industry and stablecoins could compete with traditional banks in the future.