Fun

Brussels to Put Out Digital Euro Law Shortly, ECB’s Lagarde Says

News Feed - 2022-11-10 11:11:21

Brussels to Put Out Digital Euro Law Shortly, ECB’s Lagarde Says


The European Commission is going to present a legislative proposal for a digital euro in the near future, President of European Central Bank Christine Lagarde has indicated. EU legislators are expected to define the new currency’s legal tender status and determine its privacy features. EU Commission to Propose Legislation for Eurozone’s Digital Currency


Authorities in the euro area have already made good progress in exploring the rationale and the potential benefits and risks of a central bank digital currency (CBDC), the head of the European Central Bank (ECB) noted during a conference devoted to the digital version of the common currency.


In a video message, Christine Lagarde said that the focus of their efforts is now shifting to the concrete design of the digital euro and its embedding into a legal framework. This is an area where EU legislators will play an important role, the top executive stressed and revealed: I’m therefore very much looking forward to the legislative proposal for establishing a digital euro which the European Commission will propose shortly.


The executive body in Brussels is one of the main participants in the European Union’s complex legislative process, along with the European Parliament and the Council of the EU, and is responsible for suggesting new laws.


In her statements, published by the ECB, Lagarde pointed out that the co-legislators must now define the balance between competing public objectives. She marked two aspects in particular — privacy and the digital euro’s legal tender status. New Legislation to Determine Privacy Features and Legal Tender Status for Digital Euro


Reminding that 43% of the respondents in the public consultation on the digital euro ranked privacy as the most important feature of the upcoming CBDC, the president of the eurozone’s monetary authority acknowledged that if the coin is to be attractive, it needs to meet people’s expectations in that respect.


“We should at least provide a level of privacy equal to that of current electronic payment solutions,” Christine Lagarde emphasized while excluding full anonymity, such as offered by cash, citing anti-money laundering rules and the need to limit the use of the digital euro for investment. However, she did not rule out greater privacy for low-value, low-risk, and offline payments.


Elaborating on the other aspect that she highlighted, Lagarde insisted that it is a constitutional feature of cash, as central bank money, to be legal tender and made it clear that the same principle should apply to the digital version of the euro, allowing citizens to use it to pay anywhere. This should include digital payments in physical stores, e-commerce, and peer-to-peer payments, the head of the ECB detailed.


In her address, Christine Lagarde also emphasized the importance of the upcoming Markets in Crypto Assets legislation (MiCA) and listed the emergence of cryptocurrencies like bitcoin and ether among the major developments leading to a potentially disruptive transformation of the traditional model of payments. Tags in this story CBDC, Christine Lagarde, Conference, Digital Currency, digital euro, ECB, EU, European Central Bank, european commission, Lagarde, legal framework, Legislation, legislative proposal, President


Do you expect the EU Commission to put forward draft legislation for the digital euro soon? Tell us in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Goldman Sachs Launches Data Service to Help Investors Analyze Crypto Markets FINANCE | 4 days ago Bank of Thailand Needs More Time to Complete and Launch Retail Digital Currency FINANCE | Oct 31, 2022


Image Credits: Shutterstock, Pixabay, Wiki Commons, Alexandros Michailidis / Shutterstock.com Previous articleReport: Singapore’s State Investor Temasek Is Engaging With Embattled Crypto Exchange FTX Next articleEgyptian Fintech Raises $31 Million in Series B Funding Round Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament


A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Russian Founders of Defi Platform Forsage Indicted in $340 Million Crypto Ponzi Scheme
Russian Founders of Defi Platform Forsage Indicted in $340 Million Crypto Ponzi Scheme Four Russians have been charged in the U.S. with operating a crypto pyramid and Ponzi scheme
Largest Southeast Asian Bank DBS Sees Crypto Trading Volumes Soar as Investors Bought the Dip
Largest Southeast Asian Bank DBS Sees Crypto Trading Volumes Soar as Investors Bought the Dip DBS, the largest bank in Southeast Asia, says that it has benefited from the recent cr
These Are the Most Profitable Proof-of-Work Algorithms Since Ethereum Moved to Proof-of-Stake
These Are the Most Profitable Proof-of-Work Algorithms Since Ethereum Moved to Proof-of-Stake Since the transition from proof-of-work (PoW) to proof-of-stake (PoS), ethereum cannot
Ukraine Shuts Down Crypto Exchangers Sending Money to Russian Wallets
Ukraine Shuts Down Crypto Exchangers Sending Money to Russian Wallets The Security Service of Ukraine (SBU) has closed down a number of “underground”
Brayden Lindrea1 hour agoCrypto casino Stake reopens withdrawals just 5 hours after $41M hackThe online crypto casino reported unauthorized transactions from its hot wallets on Sept. 4 with blockchain security firms esti
Yashu Gola9 hours ago‘I just bought SOL’ — Arthur Hayes after Solana price rebounds 500%Hayes may face short-term losses on his Solana buy-in, but the long-term upside looks promising as the cryptocurrency market r
Bitcoin Lawsuit: Lawyers Accuse Craig Wright of Forgery, Can’t Locate Former Nchain CEO
Bitcoin Lawsuit: Lawyers Accuse Craig Wright of Forgery, Can’t Locate Former Nchain CEO The Kleiman v. Wright lawsuit in Florida continues to unravel as the plaintiff’s l
Brazilian Bank Itau Unibanco to Offer Cryptocurrency Custody Services in 2023
Brazilian Bank Itau Unibanco to Offer Cryptocurrency Custody Services in 2023 Itau Unibanco, one of the biggest Brazilian banks, has announced it will offer cryptocurrency custody
South Korean crypto exchange employees out-earn staff at major banks
Ezra Reguerra48 minutes agoSouth Korean crypto exchange employees out-earn staff at major banksDunamu’s consolidated sales in the first quarter of 2024 reached $400 million, showing a 60.5% increase. 289 Total views1
Controversial ‘Tiktok Ban Bill’ Sparks Concerns Among Cryptocurrency and Technology Advocates
Controversial "Tiktok Ban Bill" Sparks Concerns Among Cryptocurrency and Technology Advocates Cryptocurrency and technology proponents have recently been discussing a new bipartisa
Ray Salmond6 hours agoHow will Bitcoin halving affect BTC price, and is DeFi dead?Blockware Solutions account executive David Gamble told Market Talks host Ray Salmond that the crypto market will hit a $10 trillion marke
XRP Downtrend Is Only Temporary: Analyst Gives Reasons Why Price Is Headed For $3.2
Este artículo también está disponible en español. The XRP price has witnessed a significant correctionafter rallying to as high as $2.9 this week. This has raised specula