The European Commission has received approximately 10,000 public comments so far on its call for evidence on a digital euro, which will run from April 5 to June 14.
The call for evidence is intended to elicit feedback on the possibility of establishing and regulating a digital currency as a new form of central bank money.
During the same time period, a targeted consultation is taking place to assist policymakers in considering issues such as users’ needs and expectations for a digital euro, the role of a digital euro in the EU’s retail payments and digital economy, the application of anti-money laundering rules, privacy and data protection concerns, and international payments, Finextra reported.
According to a working paper, the specialized consultation would serve as a supplement to the public call for information. It aims to collect data from industry experts, payment service providers, payment infrastructure, and financial intelligence units, as well as other relevant authorities and experts.
The EU has not yet decided whether to create a digital currency, with the consultation acting as a preliminary to any legislation that may be drafted in 2023. According to The Block, quoting Politico, EU Commissioner for Financial Stability, Financial Services, and the Capital Markets Union Mairead McGuinness said in February: “Our objective is to table legislation in early 2023.”
The European Central Bank addressed privacy issues in a presentation to finance ministers on April 4 and is also evaluating the feasibility of a digital currency, Finextra said. The evaluation phase is likely to go until September 2023.
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