European Commission outlines vision for digital euro

The Block
The Block

28 Jun 2023 2:45 PM

The European Commission on Wednesday released a proposal for a digital euro that would insure free access to the CBDC across the bloc....

  • The European Commission has proposed a digital euro that would provide free access to the central bank digital currency (CBDC) across the European Union.
  • The proposal aims to establish a legal framework for digital euro payments, allowing transactions to be made from device to device, both online and offline.
  • The digital euro would coexist with existing payment methods and function as a digital wallet for individuals and businesses in the euro area.
  • Privacy and security are emphasized, with the proposal aiming to provide the same level of protection as existing digital payment methods.
  • The European Central Bank (ECB) will ultimately decide whether to issue the digital euro, with a decision expected in the coming months.

The sentiment of the article is generally positive, highlighting the potential benefits and advantages of introducing a digital euro. The proposal is seen as a step towards modernizing the currency and ensuring it is fit for the digital age.

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You May Ask

What is the purpose of the European Commission's proposal for a digital euro?How would the digital euro be used alongside existing payment methods?What level of privacy and security would be provided by the digital euro?Who will ultimately decide whether to issue the digital euro?What are the advantages of introducing a digital euro, according to European Commissioner Mairead McGuinness?

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