The European Central Bank (ECB) has announced that it will be moving into the next phase of its digital euro project. This comes after a two-year investigation phase, and the preparation stage is set to begin on November 1 and last for two years. During this phase, the ECB will finalize the digital euro rulebook, select technology providers, and conduct testing. It is important to note that this phase does not guarantee the issuance of a digital euro, as the decision will come at a later stage. The EU legislative process will also need to be completed before a digital euro can be issued, which is expected to extend into the following year. The proposed digital euro aims to be a widely accessible and privacy-focused form of digital cash that can be used for private offline payments. It would coexist with physical cash and provide options for users to access digital euro services through banks or a dedicated app. The decision on whether to launch a digital euro will ultimately be made by the EU Parliament and the Council of the EU. In related news, the Bank for International Settlements and the central banks of France, Singapore, and Switzerland recently announced the successful completion of a new central bank digital currency (CBDC) initiative called Project Mariana. While several countries have already deployed CBDCs, some US senators are opposed to the idea, citing concerns about financial privacy and state surveillance.

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Information	Details
Geography	Europe
Countries	🇫🇷 🇸🇬 🇨🇭 🇳🇬
Sentiment	neutral
Relevance Score	1
People	Christine Lagarde
Companies	European Central Bank, Binance, Atlantic Council, EU Commission, EU Parliament, Council of the EU, PrimeXBT, Bank for International Settlements, Circle
Currencies	None
Securities	None