Shulou(Shulou.com)11/24 Report--

CTOnews.com, June 30, the European Commission (European Commission) released two proposals the day before yesterday: one is to ensure the cash status of the euro zone, and the other is to set a legislative framework to allow the ECB to issue digital euros in the future, clarifying the status of cash and digital euros.

The main contents of the summary proposal of ▲ source EU website CTOnews.com are as follows:

The main purpose of proposal 1 is to maintain the role and status of cash, to maintain cash as a widely accepted mode of payment, and to regard cash as legal tender in the euro zone. member states of the European Union are required to ensure the ability to pay and obtain cash. The main reason for not allowing cash to be replaced by digital currency is financial inclusion to cover the elderly or other vulnerable groups who depend on cash.

The second proposal to establish a legislative framework for digital currency is to cater to the global trend of digital currency, bring another payment solution, and at the same time enhance the international status of the euro. According to the framework, the future digital euro will coexist with existing credit card or program payments, and digital euros will become a part of online payments, and people can use digital euros to pay anytime and anywhere.

In addition, banks and online payment channel providers in the EU can distribute digital euros, the basic digital euro services should be free, and people should be able to open and hold digital euro accounts even if they do not have bank accounts.

The European Central Bank also issued a statement on the same day welcoming the proposal. The European Central Bank launched the Digital Euro Project (Digital Euro Project) in 2021, and the bank launched a 24-month investigation into the design of the digital euro, which is expected to end in October this year, when they will decide whether to move on to the next phase involving the development and testing of related solutions.

Christine Lagarde, president of the European Central Bank, pointed out that the euro is the most specific symbol of the European Community and is highly valued and trusted by the general public. The European Central Bank looks forward to continuing to cooperate with other EU organizations to develop digital euros to ensure that the currencies of the EU region are in line with the digital age.

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