Bitcoin traded lower by 3% early Wednesday morning.
The price was around $31,948 per coin, while rivals Ethereum and Dogecoin were trading around $1,900 and 19 cents per coin, respectively, according to Coindesk.
A digital version of the Euro could get the green light as soon as Wednesday.
It is part of a multi-year project, according to Reuters.
The digital euro will likely be a digital wallet that citizens of the euro zone can keep at the ECB and would be the electronic equivalent of banknotes and coins.
Its another step by central banks to meet growing demand for electronic means of payment and join the ranks of digital currencies such as Bitcoin or Facebook's proposed Diem.
One difference is the ECB cannot run out of euros, making its digital currency safer than any private sector counterpart.
In other cryptocurrency news, Paraguay has proposed a bitcoin law includes crypto registration, according to Coindesk.
The bill reportedly would include regulation of ownership and registration of crypto as well as crypto mining operations.
A new bitcoin law expected to be introduced, will require cryptos to be registered with the country’s Undersecretariat of State Taxation, Decrypt reported.
The bill would also regulate crypto mining as well as trading through exchanges and peer-to-peer marketplaces where participants will be required to register.
It would be different than El Salvador's plan, which last month approved its own version of a Bitcoin Law that would make the crypto legal tender alongside the U.S. dollar.