European Ministers Discuss CBDC Rollout: All EU Countries Must Adopt It

The introduction of the digital euro is possibly planned for the third quarter of 2023.

The European Union (EU), along with many other countries around the world, has been discussing the possibility of introducing its own digital currencies issued by central banks (CBDC). Europe plans to introduce its digital euro.

Finance ministers from all European countries must now discuss the strategic goals of introducing a single digital currency in the EU. It is expected that a draft law on the digital euro as legal tender will soon be submitted to the European Parliament for a vote. This also means that countries will be obliged to adopt the new digital euro by all economic entities in the eurozone territory.

The status of digital euro

In January 2022, EU finance ministers agreed that the digital euro should be given the status of fungible money and have no programmable restrictions on its use as a means of payment for sellers and buyers. Eurogroup members called on the European Central Bank (ECB) to ensure the confidentiality and transparency of settlements when using the digital euro.

The Governing Council of the ECB is expected to decide on the introduction of the CBDC in the third quarter of 2023.