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ARTICLE · 10 JULY 2023

European Commission Proposes Legal Framework For Digital Euro

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The European Commission ("Commission") published its ‘Single Currency Package' on 28 June 2023 with proposals to establish a legal framework for the creation of a potential digital euro alongside the cash euro.

United KingdomTechnology
Neil Robson
Neil Robson
Christopher Collins
Christopher Collins
Ciara McBrien
Ciara McBrien
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The European Commission ("Commission") published its 'Single Currency Package' on 28 June 2023 with proposals to establish a legal framework for the creation of a potential digital euro alongside the cash euro. The Commission's press release and 'digital currency package' are available here and here respectively.

The Commission has proposed mutually supportive sets of measures to support the use of cash and propose a framework for a digital euro. The proposals cover:

  • the legal tender of euro cash, which aims to safeguard the role of cash, ensure cash is widely accepted as a means of payment and remains easily accessible across the euro area; and
  • establishing the legal framework for a potential digital euro to complement existing euro cash.

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