{"id":449113,"date":"2023-10-19T10:05:49","date_gmt":"2023-10-19T10:05:49","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=449113"},"modified":"2023-10-19T14:06:37","modified_gmt":"2023-10-19T14:06:37","slug":"digital-euro-moves-to-preparation-phase-ecb-says","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/digital-euro-moves-to-preparation-phase-ecb-says","title":{"rendered":"Digital Euro Moves To \u201cPreparation Phase,&#8221; ECB Says"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The European Central Bank (<\/span><a href=\"https:\/\/www.reuters.com\/markets\/currencies\/ecb-starts-preparation-digital-euro-multi-year-project-2023-10-18\/\"><span style=\"font-weight: 400\">ECB<\/span><\/a><span style=\"font-weight: 400\">) said yesterday that its digital euro project will move into a &#8221;preparation phase&#8221; next month.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This phase is expected to last two years, giving the central bank time to do work including finalising a rule book and selecting providers to develop a platform and infrastructure, it <a href=\"https:\/\/www.ecb.europa.eu\/press\/pr\/date\/2023\/html\/ecb.pr231018~111a014ae7.en.html\">said<\/a>.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The goal is to create a form of cash that can be used for all forms of payment in Europe and it will be free for private users, it said.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Our Governing Council has decided to move to the next phase of the digital euro project.  <\/p>\n<p>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.<a href=\"https:\/\/t.co\/xuKklame0U\">https:\/\/t.co\/xuKklame0U<\/a> <a href=\"https:\/\/t.co\/Nn0Z8RggVn\">pic.twitter.com\/Nn0Z8RggVn<\/a><\/p>\n<p>&mdash; European Central Bank (@ecb) <a href=\"https:\/\/twitter.com\/ecb\/status\/1714641566667563326?ref_src=twsrc%5Etfw\">October 18, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">What makes the digital euro different from other central bank digital currencies (CBDCs) is its range of features.\u00a0 It will \u201cbe used from person to person, at the point of sale, in e-commerce and in government transactions,\u201d the ECB said. This will make it the only digital form of payment that has such a high degree of utility, it said.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">An Emphasis on Privacy and Security<\/span><\/h2>\n<p><span style=\"font-weight: 400\">The main motivation behind the digital <a href=\"https:\/\/insidebitcoins.com\/news\/binance-encounters-regulatory-hurdles-a-shift-to-tether-for-european-clients\">euro<\/a> is to develop the national currency of the future, said ECB president Christine Lagarde.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The digital currency \u201cwould coexist alongside physical cash, which will always be available, leaving no one behind,\u201d she said, adding that it will <\/span><span style=\"font-weight: 400\">emphasize privacy and security and be governed by strict rules.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">With a <a href=\"https:\/\/twitter.com\/hashtag\/digitaleuro?src=hash&amp;ref_src=twsrc%5Etfw\">#digitaleuro<\/a>, you would have an additional payment option that combines the advantages of central bank money with the ease and practicality of modern digital payments.<\/p>\n<p>What\u2019s in it for you? Find out more <a href=\"https:\/\/t.co\/hsPwv8ADB6\">https:\/\/t.co\/hsPwv8ADB6<\/a> <a href=\"https:\/\/t.co\/k86Q9oYvni\">pic.twitter.com\/k86Q9oYvni<\/a><\/p>\n<p>&mdash; European Central Bank (@ecb) <a href=\"https:\/\/twitter.com\/ecb\/status\/1714936343191536004?ref_src=twsrc%5Etfw\">October 19, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400\">Digital Euro Not Confirmed Yet<\/span><\/h2>\n<p><span style=\"font-weight: 400\">The digital euro project\u2019s transition into the preparation phase does not serve as a definitive decision to issue a digital euro. The Governing Council has stipulated that it will only consider rolling out a digital euro following the completion of the European Union\u2019s legislative process.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400\">Related News<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/insidebitcoins.com\/news\/ethereums-vitalik-buterin-loses-hope-on-cbdcs-says-hes-apprehensive-about-some-overseas-travel\"><span style=\"font-weight: 400\">Ethereum\u2019s Vitalik Buterin Loses Hope on CBDCs, Says He\u2019s \u201dApprehensive\u201d About Some Overseas Travel<\/span><\/a><\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/insidebitcoins.com\/news\/us-house-committee-passes-bill-to-block-federal-reserve-from-issuing-a-cbdc\"><span style=\"font-weight: 400\">US House Committee Passes Bill To Block Federal Reserve From Issuing A CBDC<\/span><\/a><\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/insidebitcoins.com\/news\/cbdcs-make-cross-border-payments-more-efficient-indias-central-bank-governor-says\"><span style=\"font-weight: 400\">CBDCs Make Cross-Border Payments More Efficient, India\u2019s Central Bank Governor Says<\/span><\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">The European Central Bank (ECB) said yesterday that its digital euro project will move into a &#8221;preparation phase&#8221; next month. This phase is expected to <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/digital-euro-moves-to-preparation-phase-ecb-says\" title=\"Digital Euro Moves To \u201cPreparation Phase,&#8221; ECB Says\">[&#8230;]<\/a><\/div>","protected":false},"author":1954,"featured_media":395514,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[],"class_list":["post-449113","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Digital Euro Moves To \u201cPreparation Phase,&#039;&#039; ECB Says - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"The European Central Bank (ECB) said yesterday that its digital euro project will move into a &#039;&#039;preparation phase&#039;&#039; 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