ECB: Decision on digital euro to be made in autumn 2023

The European Central Bank (ECB) announced that the decision on the next stage of the creation of the digital euro will be made in the fall of this year. The European Central Bank (ECB) published its third report titled "Progress in the Research Phase of the Digital Euro". The report, which stated that research and studies for the creation of the digital euro are ongoing, reported that the EU Commission plans to present the control mechanism to be implemented if the digital euro is put into effect as a proposal in the second quarter of this year. The report noted that the ECB will make the possible necessary regulations that may arise from the legislative process in order to create the digital euro. The report, which stated that the digital euro is planned to be made available to the Euro Zone member countries in the first stage, reported that users outside the Euro Zone will also be able to access the digital euro, provided that they have an account in the Euro Zone. The report, which conveyed that converting the digital euro to other currencies will require the establishment of a new system between the central bank and the digital currency, said, "The priority is to create a digital euro that serves the needs of Euro Zone users." The report stated that the bank is evaluating all design options for the creation of the digital euro and that the issue is planned to be discussed with all stakeholders in the coming months, and that the ECB Executive Board is planning to make a decision on moving to the next stage in the creation of the digital euro in the fall of this year.