cdbc

The European Union's plans for a Central Bank Digital Currency (CBDC), known as the digital euro, are progressing through structured phases, but there is no confirmed launch date set for October 2023. Here's a clear breakdown of the current status and timeline:
Key Points:
1. Investigation Phase (2021–2023) :
- The European Central Bank (ECB) began a two-year investigation phase in July 2021 to explore the design, distribution, and regulatory framework for a digital euro. This phase concluded in October 2023, with the ECB announcing the findings and deciding whether to proceed to the next stage.
2. Preparation Phase (Late 2023 Onward) :
- Following the investigation, the ECB is expected to enter a preparation phase(likely starting late 2023), focusing on technical development, testing, and finalizing rules. This phase could take 2–3 years, meaning a potential launch would not occur before 2026–2027.
3. Legislative Progress :
- In June 2023, the European Commission proposed a legal framework to support the digital euro. This legislation must be approved by the European Parliament and member states before implementation.
4. Objectives and Concerns :
- The digital euro aims to complement cash, enhance payment efficiency, and counter private cryptocurrencies' dominance. Privacy, offline functionality, and financial stability remain key priorities.
Misconceptions Clarified:
- October 2023 Significance : This marks the end of the ECB's investigation phase, not a public launch. The ECB will decide whether to advance to development, but no CBDC will be issued until after legislative approval and technical readiness.
- Pilot Programs : Some limited testing may occur during the preparation phase, but widespread adoption is years away.
Conclusion:
The EU is advancing cautiously toward a digital euro, but the October 2023 date refers to a phase transition, not a launch. Public rollout is unlikely before 2026, pending regulatory, technical, and political alignment. Stay updated via official ECB communications for accurate timelines.
#CDBC #euro $BTC $ETH $XRP

-- Jack Booth said The #OpenNetwork project is playing an important role in the mass adoption of cryptoassets.
-- The co-founder of the $TON
Society sees #cdbc as a fundamental threat to decentralized networks.
-- TON developers advocate hybrid solutions that would allow CDBC to interact with such networks, but not dominate them.

Co-founder of the TON Society organization Jack Booth called the central bank digital currency (CDBC) one of the key threats to the decentralized networks segment. The expert believes that the crypto community needs to defend the right to independence of the industry and The Open Network (TON) blockchain plays an important role in this process, writes Cointelegraph.

Booth said that the TON community is actively developing its ecosystem and helping to make the DeFi segment more accessible to users. He believes such networks can offer people improved control over their finances without relying on centralized authorities.

“TON's mission is mass adoption, and we aim to achieve this by making blockchain technology highly scalable, efficient, effective and convenient [...] for the general public, removing barriers for both users and developers,” said the TON Society co-founder.

The expert warned that national governments are now increasingly focusing on a competing technology, CDBC. This decision could allow authorities to wrest control over users' digital finances, he notes.

According to Booth, CDBCs challenge the basic principles of decentralization: privacy and network sovereignty. To solve the mentioned problem, the representative of TON Society proposes to find a compromise solution.

“We advocate a hybrid approach that will allow CBDC to interact with decentralized networks, but not dominate them,” said Jack Booth.

The specialist explained that he sees an opportunity to build a more inclusive and secure financial system that recognizes the principles of decentralization.

Booth expressed his belief that policymakers should cooperate with Web3 platforms rather than work against them. Regulators are obliged to establish general principles, not to drive the industry into narrow rules, summed up the co-founder of the TON Society.

Recall, we wrote that by early October 2024, tokens of the TON ecosystem had fallen by more than 50% since launch.
#TetherAEDLaunch