BRUSSELS, Belgium—The European Commission intends to publish a bill to underpin a digital Euro and set out its strategy on virtual worlds in May of 2024.
“Even though the European Central Bank has yet to decide whether to issue a central bank digital currency (CBDC), the commission has indicated new laws could be needed to assert a digital euro's status as legal tender and set anti-money-laundering rules,” CoinDesk reported, citing a posting on the Commission’s website.
Doing Nothing Would be ‘Negligent’
Added Mairead McGuinness, the EU's financial-services commissioner, told lawmakers on the Economic and Monetary Affairs Committee, “Our legislation will be the framework for a digital Euro. It will be negligent if Europe did nothing now, but at some point in five or 10 years had to urgently rush through something.”
The bill is set to be published by the commission May 24, 2024.
It's up to the European Parliament and governments of countries in the EU to “look at the finer points around the use cases of a digital euro” and “the technology to be used,” she said.
Some Are ‘Skeptical’
“Lawmakers who would have to sign off on any of McGuinness’ proposals appear to be skeptical about whether the initiative has any real value,” CoinDesk added.
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