The ‘preparation phase’ of the digital euro project initiated by the European Central Bank (ECB) following two years of study. ECB will lay the groundwork for a potential central bank digital currency (CBDC) starting on November 1 but emphasised that its issuance is not confirmed. This two-year phase will include finalising digital currency rules and selecting potential issuers, followed by testing and experimentation based on user feedback. The final decision on issuing a digital euro will be made by the Governing Council after the European Union's legislative process concludes. The unveiling of a digital euro has privacy and regulatory implications.