Shulou(Shulou.com)11/24 Report--

CTOnews.com, October 19, the European Central Bank's governing Council (Governing Council of European Central Bank,ECB), which is responsible for developing the euro system, said yesterday that it has completed the two-year digital euro investigation phase and will enter the same two-year digital euro "preparatory phase" on November 1, which is expected to formulate laws and regulations related to the digital euro and select specific platform developers and infrastructure suppliers.

The European Central Bank announced the launch of the Digital Euro Project (Digital Euro Project) in July 2021, the first phase of a two-year investigation to explore the design and meaning of the digital euro, which was released this week. The ECB handed over the allocation of digital euros to "trusted" banks and claimed that people and businesses could benefit from it.

The ECB treats the digital euro as a "digital form" of cash, which supports offline use and has the "highest level of privacy", allowing users to immediately settle digital currencies with bank equivalents.

The preparatory phase, which will begin in November, will determine the relevant laws and regulations on the digital euro, select suppliers of the platform and infrastructure, and conduct a series of tests to develop a digital euro that "meets the needs of both the euro system and the use of the euro".

The ECB said that the preparatory phase of the project had nothing to do with the "final decision on whether to issue a digital euro", which must be processed by the ECB after the EU has completed the relevant legislation. In addition, the ECB also stressed that the digital euro will coexist with physical cash, which will always be available to people.

Related reading: "the report says that 130 central banks around the world are exploring digital currency, and China's pilot population has reached 260 million."

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