European Commission aims for universal acceptance with digital euro proposal

Cointelegraph
Cointelegraph

28 Jun 2023 1:04 PM

The European Commission has proposed a legislative plan for a digital euro, aiming to make it a widely accepted and easily accessible form of payment. ...

  • The European Commission has proposed a legislative plan for a digital euro to make it widely accepted and easily accessible.
  • Individuals can obtain digital euros through their banks upon request, ensuring easy accessibility and preventing exclusion.
  • The proposal includes provisions for free basic digital euro services, privacy protection, and offline payments.
  • The commission suggests sharing customer data with fintech companies in exchange for compensation to promote digital finance.
  • The legislation aims to open up the payments market and prioritize user privacy and data protection.
  • The European Central Bank supports the proposal to safeguard the legal tender status of cash euros.
  • The investigation phase of the project will be completed by October 2023, followed by further development and testing.

The article highlights the European Commission's efforts to promote digital finance and ensure accessibility while prioritizing user privacy and data protection. The sentiment is positive overall.

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You May Ask

What is the purpose of the European Commission's proposed legislative plan for a digital euro?How can individuals obtain digital euros under the proposed plan?What provisions are included in the proposal to protect user privacy and data?Why does the commission suggest sharing customer data with fintech companies?What is the timeline for the development and implementation of the digital euro?

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