The European Union recognizes the need to keep pace with other central banks in introducing Central Bank Digital Currencies (CBDCs), as over 100 central banks worldwide are considering digital versions of their currency. The Swiss National Bank is even taking steps to pilot a wholesale CBDC on a digital exchange. In line with this, the European Union is set to release draft rules that establish the legal framework for a digital euro, should the European Central Bank decide to issue one in the future.