ECB Begins 2-Year Preparation for Possible Digital Euro Launch

The ECB is moving its digital euro project to a 2-year preparation phase starting in November. This will finalize a rulebook, select platform providers, and conduct more testing.

The preparation phase doesn't guarantee a digital euro will be issued. The ECB will decide after relevant EU legislation is completed.

Critics say the move may be premature before legislative deliberations finish, as major tweaks could be needed.

The ECB designed a digital euro to be accessible through intermediaries like banks.

The preparation phase could allow the ECB to tweak the CBDC to deliver on the promises of a digital currency.