European Commission Receives 10,000 Public Comments on Digital Euro

The European Commission received about 10,000 public comments on the digital euro. Information about the poll posted on the Commission’s website.

The process started on 5 April and is due to conclude on 14 June 2022. Its aim is to gather feedback on the possible creation and regulation of CBDC.

According to Finextra, the period also includes consultations intended to help policymakers consider the following questions:

• the needs and expectations of users regarding the digital euro;
• the role of CBDC in retail payments and the EU’s digital economy;
• the application of anti-money-laundering rules, privacy, data-protection aspects and international payments.

According to the working document, consultations are intended to supplement public opinion. In particular, the European Commission is interested in the views of industry professionals, providers of payment services and infrastructure, developers, merchants, consumer associations, regulators and supervisors and other experts.

The initiative to issue the digital euro arose in November 2019. In October 2020, the European Central Bank (ECB) published a comprehensive report on the topic.

In spring 2021, the regulator’s chair Christine Lagarde stated that the European Union could issue its own CBDC within four years, if policymakers approve the project.

In July, the ECB Governing Council decided to begin the CBDC research phase, and in October the regulatorestablished an advisory group on issues related to the potential development and rollout of the digital euro.

As Mairead McGuinness, EU Commissioner for Financial Affairs, said, the European Union would consider a CBDC bill in early 2023.

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