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The European Commission (EC) is working on new legislation to establish the legal basis for the digital version of the Euro fiat currency.
A draft of the legislation is expected in 2023 and will support the European Central Bank (ECB) in finalizing the technical side of the digital Euro project which the ECB started investigating in October 2021.
A first step towards legislation is a public consultation on the matter where the EC plans to focus on practical things such as how the coin will facilitate payments on a daily basis.
The plans were revealed by EU Commissioner for financial services Mairead, speaking at a fintech conference:
“Our goal is to table legislation in early 2023. A targeted legislative consultation in the coming weeks.”
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The bill will need to be pass governments and legislatures of the member states before it becomes law by the end of 2023 as the EC’s timeline reads. Tests with the digital euro are now ongoing at the ECB. The monetary authority hopes to begin working on a prototype for the CBDC at the end of 2023.