Financial services

The European Commission calls on financial services experts on the roll-out of the digital euro

The European Commission announced in a tweet on Tuesday that it was seeking advice from professionals in the financial sector on the potential introduction of the digital euro.

In addition, the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union announced on Tuesday that it will conduct an investigation into the impact of central bank digital currency on financial service providers, retail users and chambers of commerce.

The aforementioned panel will speak with industry experts on issues such as international payments, privacy, influence on the banking system and financial stability, alternative payment methods to cash and compliance with anti-corruption legislation. money laundering and terrorist financing.

Consultations on the digital euro will complement those conducted by the European Central Bank, which recently published the findings of its September 2021 think tanks. could benefit both online and offline use cases. Responses to the European Commission will be accepted until June 14.

It is worth mentioning that the European Commission’s finance chief, Mairead McGuinness, said in February that the laws establishing the digital euro would be submitted in 2023.

Interestingly, the European Central Bank has been exploring the possibility of developing a digital euro, as global interest in central bank digital currencies appears to be growing. A consultation conducted by the European Central Bank from October 2020 to January 2021 concluded that a digital euro could help lower interest rates, speed up transaction procedures and reduce reliance on cash.

Also read: Maharashtra’s Gadchiroli to issue caste certificates through Polygon blockchain platform

Also read: Crypto Crime: Pune Police recover over Rs 84 cr worth of Bitcoins