Albania has officially launched the legal groundwork for the future adoption of the euro, as a new draft law on the Bank of Albania introduces, for the first time, a dedicated chapter outlining how the country's central bank will operate once Albania joins the Eurozone.

The draft legislation, which has been published for public consultation, sets out the legal framework governing the circulation of the euro, the issuance of euro coins, and the management of the country's foreign exchange reserves following the currency transition.

Under the proposed law, the euro would become the official monetary unit of the Republic of Albania from the date of its formal introduction. The Bank of Albania would be responsible for putting euro banknotes and coins into circulation, as well as withdrawing them when necessary, in accordance with European Union legislation and the rules of the European Central Bank.

The proposal also states that the Bank of Albania will determine the national design of the country's euro coins, while ensuring full compliance with EU standards governing euro coin issuance.

Article 91 of the draft law states that the euro will serve as Albania's monetary unit, that the Bank of Albania will issue euro banknotes and coins, and that the central bank will determine the design of the euro coins it issues in line with the relevant regulations of the European Union.

The draft law marks one of the clearest legal steps taken so far in preparing Albania's institutional framework for eventual membership in the Eurozone, although the country's adoption of the common currency remains contingent on meeting the European Union's accession and convergence requirements.