The next steps in the transition process to the second and final part of the preparatory phase of the digital euro project were presented on Thursday by the Governor and senior executives of the Central Bank of Cyprus during a press conference held at the Bank’s headquarters in Nicosia, with Governor Christodoulos Patsalides noting that the adoption of the digital euro is becoming imperative as digital payments are growing rapidly and the world is becoming increasingly digital.

They added that negotiations on the proposed legislation are ongoing in the Council of the European Union and the European Parliament, with the process expected to be completed by 2026, with the contribution of the Cyprus Presidency of the Council of the EU during the first half of the same year.

In his greeting, the Governor of the CBC, Christodoulos Patsalides, initially referred to last week’s decision by the Governing Council of the European Central Bank to proceed with the second and final part of the preparatory phase of the digital euro project.

As noted, this decision follows the successful completion of the first part of the preparatory phase, which began in November 2023 and laid the foundations for the possible issuance of the eurozone’s common currency in digital form.

He added that during the first part of the preparatory phase, the Eurosystem conducted extensive user research focusing on vulnerable consumers and small merchants, with the findings demonstrating the need for a simple, reliable, and secure payment experience.

“It is our view that developing a digital euro that works for everyone will empower citizens, support innovation, and strengthen the resilience of our monetary system,” he continued.