The European Commission will be deciding whether Europe’s central bank digital currency (CBDC) would be a viable form of future payments.
Back in February, the commission spoke about the implementation of the digital euro. They came to the conclusion that the regulatory framework for the continent-wide central bank digital currency (CBDC) will be introduced in 2023, with no set plans for implementing the digital euro itself.
Meanwhile, on April 5th, the European Commission announced that they are looking for input from financial specialists, services providers, payment infrastructure developers, regulators, and financial intelligence units on the matter of building a proper regulatory framework for the digital euro.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
5 Best Crypto Portfolio Diversification Strategies (Animated Explanation)
"For a digital euro to be used as the single currency, concurrently with euro banknotes and coins, it would require a Regulation of the co-legislator, upon a proposal by the Commission, on the basis of Article 133 TFUE. For the Regulation, an impact assessment will be prepared, which will be supported by consultations carried out by both the Commission and the ECB," - the European Commission.
The target groups for the consultation will be given until June 14th to give their perspectives on the digital euro legislation. This includes evaluating the needs and expectations for a CBDC, impact on the digital economy and financial stability, requirements for data, privacy, and international payments.
