The European Union will formally consider legislation around a digital euro in early 2023, EU finance chief Mairead McGuinness said at a fintech conference held by Afore Consulting on February 11. “The EU plans to hold targeted legislative consultations in the coming weeks,” McGuinness said.
The European Central Bank researched the advantages of a digital euro last year, arguing that a euro CBDC could help lower interest rates for banks, make transactions smoother and faster, and minimize the use of cash.
European Central Bank President Christine Lagarde has said that the EU’s CBDC could complement traditional cash and become an alternative to private digital currencies such as bitcoin.