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FRANKFURT – The European Central Bank (ECB) is taking important steps towards the creation of a digital euro, working to develop a comprehensive regulation that will define the operational frameworks and standards for the exchange of digital currencies in Europe. The ECB initiative aims to integrate a digital euro into the current financial system, complementing the circulation of physical cash and offering a unified payment solution in different scenarios.
The development of the Digital Euro Regulation is a collaborative effort, incorporating feedback from a wide range of stakeholders, including consumers and traders. The project is under active review and will be further refined to ensure it covers essential aspects such as user experience, branding and the ability to adapt to d possible legislative changes.
Christine Lagarde, President of the ECB, highlighted the preparatory phase of the digital euro, which is expected to last two years. This period will be crucial in laying the foundations and ensuring that the digital euro can meet the diverse needs of the European economy while maintaining high standards of risk control and communication.
As the ECB progresses with this digital currency project, future updates to the rulebook will include detailed guidance on communication protocols and risk management strategies essential for security and efficiency of the digital euro system.
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