The European Commission Intends to Develop a Legal Framework for the Digital Euro

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Fabio Panetta, a member of the ECB Governing Council, has stated that the European Commission is preparing legislative provisions for the digital euro, due to enter effect in June 2023.

He added that EU member states are in constant discussions with the European Commission regarding the details of a suitable set of rules.

Panetta went on to mention that these rules need to be approved by the ECB Board of Governors in October, whereupon the regulator will start preparing for the launch and conducting initial stages of testing.

If the proposed program goes ahead, the digital euro is likely to be released within a span of three to four years.

He further highlighted the importance of citizen access towards safe digital payment services, remarking that there are currently no solutions that can be utilised throughout the EU.