The European Commission (EC) plans to prepare legislative provisions for the digital euro in June 2023, said Fabio Panetta, member of the ECB Governing Council.
According to him, EU member states are in constant contact with the European Commission for a detailed study of the relevant set of rules.
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Panetta has added:
"We are studying the design of the digital euro, its distribution and its impact on the financial sector."
He has said the document will receive final approval from the ECB's Board of Governors in October. After that, the regulator will begin preparations for the launch and early testing stages of the technology.
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According to his estimates, if the authorities approve the proposal, the digital euro will be launched within three to four years.
He claims citizens need risk-free digital means of payment that can be used freely throughout the EU.