The European Commission wants to implement a digital euro that is accessible to all retail users for free, in an effort to strengthen financial inclusion and competition in digital payments, according to a leaked draft proposal seen by EURACTIV.
The European Commission wants to implement a digital euro that is accessible to all retail users for free, in an effort to strengthen financial inclusion and competition in digital payments, according to a leaked draft proposal seen by EURACTIV.
The proposal for a regulation to introduce a digital euro is expected to be presented on 28 June. It will then have to be approved by both the European Parliament and the member state governments in the EU Council.
While it was unclear in what form the digital euro should be introduced, the leaked document now suggests that the Commission wants to make it accessible not only to banks but primarily to the public at large as a retail payment option.
One of the motivations behind the proposal is the desire to “reduce the fragmentation of the European retail payments market, to promote competition,” and “to encourage industry initiatives to offer pan-European payment services,” according to the draft proposal.
Moreover, the digital euro is a reaction to technological developments.
You can find the full article on the digital euro here.
