European Commission outlines vision for digital euro

EU digital euro CBDC

The European Commission on Wednesday released a proposal for a digital euro that would ensure free access to the CBDC across the bloc and establish a legal framework so that digital euro payments can be made from device to device, both online and offline.

“The digital euro would be available alongside existing national and international private means of payment, such as cards or applications and it would work like a digital wallet where people and businesses could pay with the digital euro anytime and anywhere in the euro area,” the proposal said.

The proposed legislation aims to guarantee privacy akin to that of physical cash, with online transactions offering the same level of protection as existing digital means of payments, “with no one able to see what people are paying for when using the digital euro offline.”

European Commissioner for financial stability Mairead McGuinness said she expected debate over a digital euro to continue, but added that the new proposed measures could win over skeptics.

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