European Commission opens new consultation on digital euro

European Commission opens new consultation on digital euro

The European Commission invites financial services professionals to comment on the possible rollout of a digital currency.

The European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union announced Tuesday that it was preparing an assessment on the central bank’s digital currency. This will be based on the expected effect on financial service providers, retail customers, and chambers of commerce. The Commission will consult industry experts on digital euro issues, including privacy, international payments, financial stability, financial stability, use cases, anti-money laundering and combating the financing of terrorism rules.

The consultation document stated that a digital currency could only be used concurrently with euro coins and euro banknotes. “Moreover, it may be necessary to make additional legislative changes to the EU’s current legislative framework in order to adapt to the digital currency and to digital currencies issued central banks from non-euroarea member states.

Just launched a consultation about the digital euro, a digitalized form of central bank money that is available to everyone as an alternative to cash. What are your expectations of a #DigitalEuro #EUHaveYourSay until 14 June
— European Commission (@EU_Commission), April 5, 2022

The consultations on digital euro will be in addition to those being conducted by the European Central Bank. In September 2021, focus groups were commissioned and released their findings. The potential rollout of the digital euro could be aided by the use of cases at physical retail outlets as well as online feedback from merchants and the general public. Responses to the European Commission are accepted until June 14.

Related: The European Commission seeks a blockchain regulatory sandbox operator

Mairead McGuinness (the European Commission’s chief finance officer) stated in February that legislation regarding a digital currency will be introduced sometime in 2023. As central bank digital currencies are becoming more popular, the European Central Bank has been looking into developing a digital currency. A consultation by the ECB from October 2020 to Jan 2021 revealed that a digital currency could help lower interest rates, speed transactions and reduce cash use.

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