Eurosystem proceeds to next phase of digital euro project

The Governing Council of the European Central Bank (ECB) decided today to move to the next phase of the digital euro project: the preparation phase. The 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’s legislative process has been completed. The ECB will take into account any adjustments to the design of the digital euro that may become necessary as a result of the legislative deliberations. Anyway, a digital euro would coexist alongside physical, not replace it.