European Commission opens new round of consultations on digital euro

European Commission opens new round of consultations on digital euro

To prepare regulations on the use of digital euro as a single currency, simultaneously with euro bills and coins, the European Commission has planned a round of consultations with experts in the field of digital finance and payments.

The Commission invites payment industry specialists, payment service and infrastructure providers, payment solution developers, wholesale and retail retailers, merchant and consumer associations, retail payment regulators and supervisors, supervisory authorities, anti-money laundering and financial intelligence units, as well as other parties and experts in digital payments to the dialogue.

Targeted consultations will aim to gather more information on the expected impact of the central bank’s digital currency on key sectors of the EU economy.

The list of discussion questions includes the needs and expectations of potential users regarding the digital euro, as well as clarifying the role of the Central Bank’s digital currency for retail payments and the EU digital economy as a whole. In the area of practical application of the state cryptocurrency, the European Commission must formulate the extent to which anti-money laundering (AML) and counter-terrorist financing rules apply to the digital euro, including privacy and personal data protection aspects.

In early April, the European Parliament’s Economic and Monetary Affairs Committee (ECON) and Civil Liberties Committee (LIBE) passed by majority vote a provision that all transactions involving crypto-assets in the EU would have to include information on the source of the asset and its beneficiary. The goal is to ensure that cryptoassets can be tracked in the same way as fiat money transfers.

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Written by Renat
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