Digital Euro Statement from the EU! – Bitcoin System

Bitcoin (BTC) and cryptocurrency The European Union (EU), which calls its industry the wild west, has adopted sweeping rules to oversee the industry.

The EU, which has a negative approach towards cryptocurrencies, central bank digital currency (CBDC) Although it has not yet reached a clear decision on issuing it, it is preparing a draft law that will enable a digital alternative to banknotes and coins.

In this context digital euro EU officials, who made a statement about the issue, said that the digital euro will initially focus on personal use, not web3.

Officials say the digital euro will only allow human-initiated payments, allowing businesses to issue invoices, issue paychecks or in decentralized finance (DeFi) that its use will not be permitted.

The EU has stated that at this point a CBDC may fail if it doesn’t offer more than cash and credit cards offer.

Evelien Witlox, program manager for the European Central Bank (ECB) digital euro, at a conference digital euro said about it:

“We selected three use cases for the first version of the digital euro.

These are peer-to-peer payments that enable transactions between family and friends; consumer-to-business payments in physical or online stores; and were categorized as payments to or to governments.”

Witlox noted that other potential uses of the digital euro outside of the three identified use cases could be evaluated at a later stage.

“Whether or not blockchain as a technology will be used is currently uncertain. Technology should not get in the way of functionality or drive it.”

Officials at the European Commission working on the digital euro CBDCto be future-oriented and Web3He wants it to comply, but they think it’s not in a hurry.

Jan Ceyssens, head of the commission’s digital finance unit, said: “A digital euro needs to meet new payment needs. We also need to be open and adapt to Web3 users” said.