European Commission aims for universal acceptance with digital euro proposal

European Commission Unveils Plan for Digital Euro

On June 28, the European Commission revealed a legislative plan for a digital euro, aiming to establish it as an easily accessible form of payment. Embedded in the blueprints are underscores such as free digital euro services, protection of personal data and compatibility for offline payments.

In another related proposal, the commission proposed banks, insurers and funds to allow free transfer of customer data to fintech companies, providing an equal access to technology benefits, especially compared to payment services held by Visa and Mastercard.

A firm push on user privacy and data safeguards were closely placed in mind, alongside measures proposed to deter cash-related money gambling and terrorist lending.

More good news comes in response to ECB President Christine Lagarde, expressing approval of the legislated activity, and enforcing the reserve status of cash euros. Work will also continue to develop and apply trials to delivery before public shipping; the investigation stage expected to be finished by October 2023.

In other news: Mixed results for cryptocurrency taxation in international countries, as well as their respective tips and tricks.

Robert Wilson author
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