The European Commission will propose a legal framework for the digital euro in the first quarter of 2023

Chain Catcher News, the European Central Bank (ECB) recently released the "Progress Made in the Investigation Phase of the Digital Euro." Regarding the design of the transfer mechanism used to verify transactions, the ECB stated that the euro system will further explore solutions for the digital euro, where transactions will take place online and be verified by third parties. The Council also approved the continued exploration of peer-to-peer verification solutions for offline payments.

The ECB also indicated that several measures need to be taken before the introduction of the digital euro. In the first quarter of 2023, the European Commission will propose a legal framework for establishing the digital euro. The next design steps must make decisions on settlement models, distribution models, the role of intermediaries, and funding arrangements. The Council will decide in the fall of 2023 whether to enter the implementation phase to develop and test the technical solutions and business arrangements for the digital euro. (Source link)