The ECB begins a two-year preparation phase for a digital euro on November 1

The European Central Bank said it will begin a two-year preparation phase for a digital euro on November 1 in which it will finalize the rules, choose its private sector partners and conduct some testing and experimentation. It will be around 3000 euros.

The European Central Bank added, "After two years, the Governing Council will decide whether to move to the next stage of preparations to pave the way for a possible issuance and introduction of a digital euro in the future. Today's decision is a small step in a multi-year project, but it puts the ECB at the forefront of the other central banks of the group." The seven countries may form a blueprint for others to follow.

According to European Commission data, electronic payments in the European Union grew from 184.2 trillion euros ($201.7 trillion) in 2017 to 240 trillion euros in 2021 due to the Covid-19 pandemic.

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