The European Central Bank has published its second progress report on the preparation phase of the digital euro. The document summarises the developments since the start of the preparatory phase on 1 November 2023, which is expected to be completed by the end of October 2025.
The digital euro project is led by the Eurosystem, which comprises the euro area national central banks and the ECB, and aims to modernize central bank money by adapting it to emerging digital payment preferences and trends. The goal is to facilitate electronic payments in the euro area and to strengthen Europe's strategic autonomy. Designed as a complement to cash the digital euro will be secure and widely accepted, reinforcing Europe's monetary sovereignty and reducing dependence on non-European private providers.
