Albania plans digital lek before euro

Albania has proposed new banking legislation to launch a national digital currency and prepare the country to adopt the euro.

To comply with European Union membership rules, the bill strictly forbids the central bank from lending money to the government.

To absorb future financial shocks independently, the bank must more than double its capital reserves to six billion lek.

The reforms also outline how national regulators will eventually transfer their monetary authority to European institutions once the euro replaces cash.

Until that integration occurs, the central bank will retain exclusive rights to issue and circulate the new digital lek nationwide.