European Commission calls financial services experts on rollout of digital euro

The European Commission announced in a tweet on Tuesday that they are soliciting advice from financial industry professionals on the potential introduction of the digital euro.

Moreover, 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 the central bank's digital currency on financial service providers, retail users, and chambers of commerce.

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

Consultations on the digital euro will supplement those done by the European Central Bank, which recently published the conclusions of its September 2021 discussion groups. As per the feedback from the general public and retailers, the prospective deployment of a digital euro might benefit both online and offline use cases. Responses to the European Commission will be accepted until June 14.

It is noteworthy to mention that the European Commission's finance chief, Mairead McGuinness, stated in February that laws establishing the digital euro will be submitted in 2023. 

Interestingly, the European Central Bank has been investigating 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 might help lower interest rates, speed up transaction procedures, and reduce reliance on cash.

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