The commission will speak with industry experts on concerns relating to the digital euro, including international payments, privacy, and the influence on financial stability. The European Commission seeks input from financial services experts on the prospective implementation of a digital euro.
The Financial Services and Capital Markets Union said it would review the central bank’s digital currency based on the potential impact on financial service providers, retail customers, and chambers of commerce. The commission will confer with industry experts on international payments, privacy, the influence on the banking sector and financial stability, use cases alongside cash payments, and anti-money laundering and counter-terrorist financing legislation regarding the digital euro.
Regulation of the co-legislator, based on a proposal by the commission, would be required for a digital euro to be used as the single currency alongside euro banknotes and coins. The digital euro consultations will be in addition to those held by the European Central Bank, which recently announced the results of focus groups commissioned in September 2021. According to consumer and merchant feedback, the possible implementation of a digital euro might benefit from use cases both online and in physical retail shops. Responses will be accepted until June 14 by the European Commission.
The European Central Bank has been looking into creating a digital euro, as interest in central bank digital currencies appears to be increasing worldwide. According to an ECB consultation from October 2020 to January 2021, a digital euro might help lower interest rates, speed up transaction procedures, and reduce the need for currency.
As part of the fifth package of sanctions to further reduce Russian President Vladimir Putin’s war chest, the European Commission recommended a gradual ban on Russian coal imports worth €4 billion ($4.3 billion) each year. Other suggestions target Russian technology and industry imports worth another €10 billion ($10.9 billion).
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