The European Union is set to consider digital euro legislation early next year, with a fully functional virtual currency ready by 2025 if it gets the green light from member countries.
The European Commission has announced that a bill for a digital euro will be proposed in 2023., EC finance chief Mairead McGuinness officially disclosed the EU’s formal consideration of digital euro legislation at a fintech conference on Wednesday.
The European Central Bank is already experimenting with designs and systems for a digital euro, with a prototype expected sometime in late-2023. If a digital euro is to be implemented, it will require the seal of approval from Eurozone governors. If they give the green light, then the digital euro could be ready for issuance by 2025.
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