EU official says digital euro legislation will be enacted next year

In 2023, the European Union will formally propose laws surrounding a digital euro.

The European Union is set to formally consider legislation around a digitized euro in 2023.
EU | Image: Anadolu Agency

The action, which was first reported by Politico, was disclosed by a senior official from the European Commission on Wednesday.

The article quoted Mairead McGuinness, EU Commissioner for Financial Stability, Financial Services, and the Capital Markets Union, as saying, "Our goal is to table legislation in early 2023." "In the next weeks, a targeted legislative consultation."

As previously noted, the road to a digital euro is long and winding, with European officials stating that any potential launch would be years away.

The European Central Bank (ECB) is conducting research in this field in collaboration with parts of the European Union's governmental machinery.

The ECB launched a 30-person advisory group focusing on the digital euro in October, with members drawn from the banking and payments sectors.

Officials in Europe argue that any digital euro launch would involve interaction with the business sector, as other central banks across the world have indicated about their own CBDC projects.