Golden Finance reported that the European Central Bank released a progress report on the digital euro, stating that following the launch of the digital euro investigation phase by the European Central Bank in 2021, the European Central Bank Governing Council approved the launch of a two-year preparatory phase on October 18, 2023. The preparatory phase will last until October 31, 2025. Since the digital euro is a common European project, the Eurosystem's technical work in the preparatory phase is carried out in parallel with the legislative process conducted by the co-legislators. The ECB's continued technological progress in the preparatory phase helps to better guide the legislative process, as the European Parliament and the Council of the European Union are discussing the proposal put forward by the European Commission in June 2023. By the end of 2025, the Governing Council will decide whether to enter the next stage of preparation for the digital euro. Only after the EU legislative process is completed will the Governing Council consider the decision on whether to issue the digital euro. The ECB will consider any adjustments that may be needed to the design of the digital euro after legislative deliberation.