EU Introduces Digital Euro Bill with Privacy Controls and Offline Guarantee

The European Commission has published its legislative plans for a digital euro, which aims to ensure free digital payments across the currency zone while incorporating privacy safeguards and financial stability measures. The potential benefits of the central bank digital currency (CBDC) are being questioned by stakeholders, including lawmakers, governments, and commercial banks. The European Central Bank (ECB) will decide in the fall whether to proceed with the next phase of the project. The proposed law also includes provisions for offline use and privacy equivalent to cash, while prohibiting restrictions on the goods that can be purchased with the digital euro.