EU Commission set to propose legislation for digital euro

Quick Take

  • The European Commission will soon propose legislation on a central bank digital currency.
  • It is currently investigating the development of the digital euro.

The European Commission will "soon" come out with a legislative proposal on a digital euro, European Central Bank President Christine Lagarde said in a video statement at the "Towards a legislative framework enabling a digital euro for citizens and businesses" conference.

“The timely adoption of a legal framework for the digital euro would give all stakeholders the necessary legal certainty to prepare for its possible introduction and send a strong signal of political support,” Lagarde said. 

“I'm very much looking forward to the legislative proposal for establishing a digital Euro, which the European Commission will propose shortly,” she added.

The European Central Bank's digital euro project is centered around making central bank money digitally available. It launched an investigation into developing a central bank digital currency in 2021 and sought external opinions on the development of the digital euro, with public consultations, from April to June. 

The two-year examination of the digital euro will conclude in September 2023, along with an indication of whether the European Central Bank will decide to launch a central bank digital currency.


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