EU Unveils New Plans For A Digital Euro

On 28 June 2023, the Commission published its Single Currency Package, as part of the EU's digital transformation initiative. This is in line with the current global trend of establishing central bank digital currencies ("CBDCs") with more than 100 central banks worldwide evaluating their possibilities for introducing CBDCs.

As a digital form of central bank money, the digital euro offers greater choice to consumers and businesses in situations where physical cash cannot be used. Current trends show that people are increasingly opting for digital forms of payment, a change accelerated by the Covid-19 pandemic and the rise of cryptocurrencies and stablecoins. The next logical step towards maintaining the Euro's status is to integrate it into the digital sphere.