{"id":176823,"date":"2023-10-19T01:46:12","date_gmt":"2023-10-18T20:16:12","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=176823"},"modified":"2023-10-19T01:46:12","modified_gmt":"2023-10-18T20:16:12","slug":"ecb-officials-move-to-preparation-phase-for-digital-euro-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ecb-officials-move-to-preparation-phase-for-digital-euro-crypto-news\/","title":{"rendered":"ECB officials move to ‘preparation phase’ for digital euro – Crypto News"},"content":{"rendered":"
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The governing council of the European Central Bank (ECB) has announced it will begin the \u201dpreparation phase\u201d for the digital euro project following a two-year investigation.<\/p>\n

In an Oct. 18 notice, the ECB said<\/a> it plans to \u201cstart laying the foundation for the possible issuance of a digital euro\u201d beginning on Nov. 1, adding the issuance of a central bank digital currency (CBDC) was not a foregone conclusion. The announcement followed the release of a 44-page report<\/a> on a potential digital euro\u2019s design and distribution. <\/p>\n

The preparation phase, as the ECB refers to it, will last two years and focus on finalizing rules for the digital currency as well as selecting possible issuers. Officials said the next phase will include \u201ctesting and experimentation\u201d in accordance with user feedback as well as requirements under the central bank.<\/p>\n

\u201cAfter two years, the Governing Council will decide whether to move to the next stage of preparations, to pave the way for the possible future issuance and roll-out of a digital euro,\u201d said the ECB. \u201cThe launch of the preparation phase is not a decision on whether to issue a digital euro. That decision will only be considered by the Governing Council once the European Union\u2019s legislative process has been completed.\u201d<\/p>\n

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Our Governing Council has decided to move to the next phase of the digital euro project. <\/p>\n

In November 2023 we will start laying the foundation for the possible issuance of a digital euro. A decision on issuing a digital euro will come at a later stage.https:\/\/t.co\/xuKklame0U<\/a> pic.twitter.com\/Nn0Z8RggVn<\/a><\/p>\n

\u2014 European Central Bank (@ecb) October 18, 2023<\/a><\/p><\/blockquote>\n

Related: <\/em><\/strong>EU finance chief: Don\u2019t rush digital euro before new Commission in June 2024<\/em><\/strong><\/a><\/p>\n

In June, the European Commission proposed a legislative plan<\/a> for a digital euro, aiming to have users access the CBDC through their banks. Fabio Panetta, an executive board member with the ECB, reiterated his goal<\/a> of having a digital euro available alongside cash, with many of the same privacy features.<\/p>\n

Many in the crypto space criticized ECB President Christine Lagarde for claiming that a digital euro could be used to control user payments<\/a> in a prank video in which she believed she had been speaking to Ukraine President Volodymyr Zelensky. The rollout of any digital euro is likely to get the attention of regulators<\/a> and policymakers, who will have their\u00a0 election for the European Parliament in June 2024.<\/p>\n

Magazine: <\/em><\/strong>Are CBDCs kryptonite for crypto?<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The governing council of the European Central Bank (ECB) has announced it will begin the \u201dpreparation phase\u201d for the digital euro project following a two-year investigation. In an Oct. 18 notice, the ECB said it plans to \u201cstart laying the foundation for the possible issuance of a digital euro\u201d beginning on Nov. 1, adding the […]<\/p>\n","protected":false},"author":2,"featured_media":176824,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-176823","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/176823","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=176823"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/176823\/revisions"}],"predecessor-version":[{"id":176826,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/176823\/revisions\/176826"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/176824"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=176823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=176823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=176823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}