Central Bank Digital Currencies (CBDCs) have garnered increased interest in recent months. This was triggered as global authorities and legislators explored and assessed this technology.
Recent reports indicate that the European Commission has been considering the potential implementation of a digital euro since April. The commission even mentioned the concept in a tweet. Fabio Panetta, a member of the executive board of the European Central Bank, stated in June that the digital euro would have a limited scope of 1.5 trillion.
According to information obtained by CoinDesk, the European Union has decided to postpone the publication of legislation required to support the implementation of a digital euro.
Digital Euro legislation faces delay
This development comes in the wake of the leak of a draft bill. The bill addresses privacy and technical concerns regarding the central bank digital currency (CBDC). Additionally, statements made by finance ministers last week appeared to raise questions about the underlying motives for the digital euro plan.
The timeline for the draft bill has undergone multiple adjustments. It was originally slated for release in May but experienced delays along the way.
According to the tentative forward agenda published last week, the European Commission’s decision-making body scheduled the bill for discussion and publication during a meeting on June 28. However, the commission has not provided an explanation for the delay or announced a new publication date.
Furthermore, finance ministers from the euro area deliberated on the digital euro plans during their regular meeting on Thursday.