The finance ministers of the euro zone countries issued a statement on the introduction of the digital euro after meeting in Brussels. The Eurogroup meets regularly to discuss the political aspects of potential digital currencies, it said. The January 16 statement coincides with the release of the European Central Bank (ECB) ‘share acquisition’ document detail Advances in digital eurodesign.
The Eurogroup statement indicates that the European Central Bank and the European Commission should inform the Eurogroup and EU member states about progress in creating a digital euro. under investigationThe statement said:
“The Eurogroup believes that the introduction of a digital euro and the choice of its main functions and design require political decisions to be discussed and taken at the political level.”
The group listed the issues it is focusing on, including environmental impacts of digital currencies, privacy, financial stability, and related issues. He also expressed interest in the plans of European Union member states outside the Eurozone for central bank digital currencies.
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Members of the group assured that they were “ready to contribute to these discussions,” adding:
“We also [European] The European Commission intends to introduce legislation establishing a digital euro and regulating its main functions in the first half of 2023, following a decision by the co-legislators. “
The proposal is expected to be presented before the ECB Governing Council reviews the results of the digital currency study phase in the third quarter of this year.
The Eurogroup statement came a day after a former Bank of England adviser published an editorial in the Financial Times. Says it will create a CBDC Not worth the cost and risk.