EU Official Recommends Delaying Digital Euro Until After 2024 Elections, Decision in October
Summary:
EU official suggests delaying digital euro until after 2024 elections; European Central Bank to decide the project's fate in October; emphasis on exploring digital public money due to declining cash usage; proposed legislative plan includes privacy protection and offline payments.
EU official suggests delaying the launch of digital euro until after June 2024 elections. Mairead McGuinness, the European Union's financial services chief, believes a cautious and gradual approach is necessary for the central bank digital currency project. McGuinness expressed her views during a speech at Brussels-based think tank Bruegel. The fate of the digital euro will be decided by the European Central Bank in October. McGuinness also emphasized the need to explore a digital form of public money due to the decreasing use of cash. In June, the European Commission proposed a legislative plan for the digital euro, including provisions for privacy protection and offline payments. The investigation phase of the project is expected to be completed by October 2023. ECB executive board member Fabio Panetta has expressed support for the Commission's plan, calling the digital euro a way to preserve monetary sovereignty. Further development and technical testing will follow the investigation phase. The 2024 European Parliament election is scheduled for June 2024.
Published At
9/7/2023 9:00:54 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.