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Brussels.– The Economic Affairs Committee of the European Parliament approved this Tuesday the regulation that will establish the foundations for the creation of the digital euro, an electronic currency promoted by the European Union with the aim of offering its own alternative for digital payments and reducing dependence on non-EU companies such as Visa and Mastercard.
n” “nThe approval of the report marks a key step in the legislative process, as once it is ratified by the plenary of the European Parliament, it will serve as the official position of the Eurochamber in negotiations with Member States to agree on the final text of the regulation.
n” “nFuture legislation will be essential for the European Central Bank (ECB) to be able to issue the digital euro, although the final decision on its release into circulation will continue to depend on the monetary institution.
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“It is a historic day for Europe,” stated the chair of the parliamentary committee, Aurore Lalucq, after the vote.
n” “nOnline and offline versions
n” “nMEPs backed the creation of the digital euro in both online mode, with an internet connection, and offline, without the need for network access. Both versions would function as legal tender complementary to cash and would allow digital payments to be made in physical establishments and e-commerce platforms.
n” “nThe offline mode would be one of the project’s main innovations. As explained by MEP Fernando Navarrete, who is responsible for the legislative file, this version would allow payments to be made directly between mobile devices without the need for an internet connection or the intervention of central infrastructure.
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This would mean that the operations would not be recorded, offering a level of privacy similar to that of cash payments.
n” “nFor its part, the online version would incorporate additional features and could be integrated into existing banking applications or used through a platform developed by the ECB itself.
n” “nPrivacy guarantees
n” “nOne of the most debated aspects of the project has been the protection of user privacy. The regulation provides for transactions to be anonymized, so that the ECB does not have direct access to the identity of citizens.
Personal information could only be consulted in justified circumstances, such as investigations related to fraud or illicit activities.
n” “nFree for citizens
n” “nThe proposal establishes that the use of the digital euro will be completely free for citizens. However, merchants will have to pay commissions to the financial entities in charge of processing the transactions, similar to what currently happens with bank card payments.
n” “nThe European Parliament also introduced a provision to ensure that no merchant ends up paying more for accepting digital euros than what they currently disburse for other electronic payment methods.
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This point could become one of the main topics of debate during negotiations with Member States, as it does not appear in the European Commission’s initial proposal nor in the agreement previously reached by national governments.
n” “nLimits to avoid financial risks
n” “nThe project also provides for establishing a maximum limit of digital euros that each citizen will be able to hold in their electronic wallet.
n” “nThe measure seeks to prevent users from massively transferring their traditional bank deposits to the new digital system, a situation that could affect the financial stability and liquidity of banking institutions.
n” “nPossible release in 2029
n” “nThe European Parliament plenary is expected to vote on the report during the coming month of July. If it receives final backing, negotiations with the Member States could begin immediately.
n” “nIf an agreement is reached before the end of this year, the schedule envisaged by the European Central Bank contemplates that the first digital euro issuances could take place starting in 2029.
n” “nWith this initiative, the European Union seeks to strengthen its financial sovereignty and adapt to the increasing digitalization of payment systems, while simultaneously maintaining high standards of privacy and security for users.
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