Digital Euro Will Be European Target In 2024

The Presidents of the European Parliament, Council, and Commission have signed a joint agreement establishing goals for the next European election in 2024, which includes a reference to the central bank digital currency (CBDC).

The spokeswoman stated that the European Commission intends to submit legislation for a digital euro in the second quarter of 2023.

In terms of the digital euro, the European Central Bank is now developing a prototype with a number of partners, including the contested Amazon. The design process will complete in March 2023, followed by a decision on whether to adopt a euro-denominated CBDC anticipated for October.

Prime Minister Fiala said:

“The Joint Declaration that we sign today reaffirms our commitment to work towards a fairer, greener and more digital Europe. It also underlines our determination to uphold our democratic principles, further develop a well-functioning single market, and respond to our citizens’ expectations.

These priorities will guide our decisions and actions during the year and a half to come and will help our societies and economies withstand the effects of Russia’s unprovoked and unjustified military aggression against Ukraine.”

According to ECB officials, a digital euro will most likely have restricted individual transactions and a limited store of value.

The European Union’s anti-money laundering (AML) package is also high on the agenda. The European Parliament’s policymakers are now negotiating AML regulations. The debates brought decentralized finance (DeFi), DAOs, and NFTs into scope.

It is believed that there would be an EU-wide anti-money laundering authority to supervise the requirements, including for crypto companies.

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