The digital currency of the European Central Bank may soon become a reality

We regularly bring you new information on CBDC, as it is a matter that affects each and every one of us. As you know, the furthest in this sector is China, which is already testing its digital national currency. Most recently, however, the European Union itself announced its plans to “submit legislation in early 2023”, as confirmed by EU Finance Chief Mairead McGuinness.

If we don’t satisfy this demand, then others will do it.

The European Union is thus officially joining the list of countries that are starting to promote their own CBDC also because they want to keep their national currencies and do not want to be overtaken by so-called unregulated digital assets, such as Bitcoin or Ethereum. We also know at the moment that internal experiments with the digital euro are currently under way, with the ECB planning to start developing a prototype later in 2023 and potential official adoption by 2025. It also remains interesting that although countries such as Malaysia, India, Japan and South Korea has officially announced its national digital currencies, we have not heard anything about the US CBDC yet.