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Important things have come to light regarding the EU’s financial super-project

Important things have come to light regarding the EU’s financial super-project

According to Eurogroup, the introduction, key features and design possibilities of the digital euro It requires making political decisions at the political level – Reports on the results of the negotiations so far Finkestra.

Based on the results achieved so far, the group stresses that the digital euro must be introduced in parallel with cash, as it cannot replace it, but must complement its use. Payment methods must be easy to use and secure. Especially when it comes to protecting private data. It is also important that the digital euro is available to a wide range of the population and that environmental risks are reduced to the lowest possible level.

When it comes to privacy, EU finance ministers are proposing a risk-based approach, where transactions of lower value deemed less risky are not strictly scrutinized.

The group also had in mind the study of offline functionality, which would open the door to more application possibilities and enable financial integration.

By the way, China also has an offline payment option He does the experiment.

During the design, privacy protection was emphasized, but at the same time, other goals should also be achieved, such as anti-money laundering, illegal financing, tax evasion, and ensuring compliance with sanctions.

The ability to cooperate with digital money systems issued by other central banks (interoperability) is also an important aspect, Which works on effective conversion between currencies. At the same time, Eurogroup has drawn attention to the risks affecting the use of the digital euro outside the eurozone.

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Cover image source: Getty Images

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