The European Commission has received about 10,000 public comments so far on its call for evidence regarding a digital euro, which is to run from April 5 to June 14 and is aimed at getting feedback for the possible establishment and regulation of a digital currency as a new form of central bank money.
A targeted consultation is also happening during a similar period, designed to help policymakers consider issues including users’ needs and expectations for a digital euro, a digital euro’s role for the EU’s retail payments and digital economy, the application of money-laundering rules, privacy and data protection aspects and international payments, Finextra reported.
A working document says the targeted consultation is to complement the public call for evidence. It aims to collect information from industry specialists, payment service providers, payment infrastructure providers, developers of payment solutions, merchants, merchant associations, consumer associations, retail payments regulators and supervisors, anti-money laundering supervisors, financial intelligence units and other relevant authorities and experts.
The EU has yet to make a decision on whether to issue a digital currency, with the consultation serving as a precursor to any law drafting that may happen in in 2023. The Block reported in February, citing Politico, that Mairead McGuinness, EU Commissioner for Financial Stability, Financial Services and the Capital Markets Union, said: “Our goal is to table legislation in early 2023.”
The European Central Bank addressed privacy concerns in a presentation to finance ministers on April 4, and is also assessing the potential of a digital currency, with the phase expected to continue until September 2023, Finextra reported.