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6 Apr 2022

European Commission Seeks Expert Financial Perspective on Digital Euro

The Index Today

The European Commission is seeking expert guidance from financial consultants as it contemplates the possibility of launching a digital euro.

According to CoinQuora, the European Commission’s Directorate-General for Financial Stability, Financial Services, and Capital Markets Union revealed in a statement on Tuesday that it is looking to assess the effect of central bank-backed digital currencies on retail consumers, fiscal services purveyors, and the chambers of commerce.

The committee seeks to learn from industry specialists about the possible problems related to digital euro including privacy, international transactions, impact on the fiscal sector, as well as on financial security. It will also look at establishing legislation surrounding anti-money laundering and cash payments, among a few.

The commission’s official consultation report said, “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.” It also read, “Moreover, additional legislative adjustments of the current EU legislative framework to adjust to the digital euro and possibly to digital currencies issued by central banks of non-euro area member states may be needed.”

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