On October 18, the ECB Governing Council announced the transition to the next phase of the digital euro project.

The preparatory stage will begin on November 1 and will last two years. It will include developing rules for the digital euro, selecting technology providers and testing.

After completion of the preparatory phase at the end of 2025, the ECB will decide on the issuance of the CBD. The decision will be made after the end of the EU legislative process, which is likely to last until next year.

The digital euro will be a digital form of cash that allows private offline payments. It will be widely available, free for basic use, and offer high standards of privacy.

Users will be able to access digital euro services through banks or the Eurosystems app. Those who do not have a bank account will be able to use a card from a government organization, such as the post office.