According to CryptoPotato, the European Central Bank (ECB) Governing Council announced on October 18 that it will move to the next phase of the digital euro project, following the completion of a two-year investigation phase. The preparation stage is set to begin on November 1 and will initially last two years, involving finalizing the digital euro rulebook, selecting technology providers, and testing.

The ECB plans to decide whether to issue a Central Bank Digital Currency (CBDC) after the preparation phase is finalized at the end of 2025. This decision will only be made after the EU legislative process is complete, which is likely to extend into the following year. The EU Parliament and the Council of the EU will ultimately determine whether a digital euro will be launched.

The proposed digital euro would be a digital form of cash, allowing private offline payments. It would be widely accessible, free for basic use, and offer the highest privacy standards. ECB President Christine Lagarde emphasized that the digital euro would coexist alongside physical cash, ensuring that no one is left behind. Users would be able to access digital euro services through banks or a "Eurosystem" app, and those without bank accounts could use a card from a public entity like a post office.

Earlier this month, the Bank for International Settlements and the central banks of France, Singapore, and Switzerland announced the successful completion of a new CBDC initiative called Project Mariana. According to the Atlantic Council CBDC tracker, 11 countries have deployed a CBDC, with most of them in the Caribbean aside from Nigeria. However, several US senators remain opposed to a CBDC, arguing that it will erode financial privacy and enable state surveillance.