EU prepares digital euro

Fri, 30 Jun 2023 9:46 GMT
The European Union (EU) has prepared a legal framework for issuing a digital euro.
EU prepares digital euro

The ECB will guarantee that the digital euro will be interchangeable with the cash euro while maintaining its reliability, value, stability, and reputation.

The digital euro will provide an alternative payment solution across Europe, allowing individuals and businesses to pay with the digital euro in addition to existing options.

The digital euro will become a widely accepted, cheap, secure, and official currency in the Eurozone.

It can be used alongside existing national and international payment instruments, such as cards or apps, and can also function as a wallet.

Individuals and businesses will be able to pay with the digital euro anytime and anywhere in the Eurozone, using it for internet payments and device-to-device payments even where there is no internet connection.

The digital euro will offer the same level of data privacy as existing digital payment instruments. It will provide a high degree of privacy and data protection for users when making payments without an internet connection.

Digital payments can be made without sharing personal data, and the digital euro can be accessed by banks and other payment service providers in the EU.

It will be provided free of charge to individuals
Basic digital euro services will be provided free of charge to individuals.

To increase financial access, unbanked people will be able to obtain digital euros by opening an account at a post office or public institution.

All major commercial enterprises in the Eurozone will have to accept the digital euro. In the first phase, very small retailers will be exempted for a period of time, as the cost of the new infrastructure will be high.

The digital euro will enable banks to offer innovative solutions to their customers and contribute to monetary sovereignty.

The EU Commission's legislative proposal regulating the basic elements of the digital euro was then submitted to the European Parliament (EP) and member states for approval.

The ECB will take the final decision on when the digital euro will be issued.

The ECB is currently working with the national central banks of the Eurozone to investigate whether a digital euro should be introduced.

The ECB is expected to complete the research phase for the digital euro, which started 2 years ago, in October.

Address: Miaouli 7-9, Xanthi 67100, GREECE.
Tel: +30 25410 77968.