European Union Finance Ministers Draw the Frame of Digital Euro! Here are the details!

European finance ministers as central banks begin tests of the project this year digital euro called for it to offer both privacy and transparency.

EU Finance Ministers Say Digital Euro Must Ensure Privacy

EurogroupHe said a digital euro must offer privacy to citizens as well as comply with relevant tax and sanctions laws.

The digital euro was spearheaded by the European Central Bank (ECB), while the idea was first raised in October 2020 and a more formal “research” into the project was launched in 2021.

The Eurogroup, which consists of finance ministers of countries that use the common currency in the European Union, has been holding regular meetings on the issue since then.

In a statement after their last meeting, Eurogroup members set priorities for the Central Bank Digital Currency (CBDC) if the ECB decides to continue. The actual issuance of the Digital Euro will depend on the outcome of EU legislation.

Members noted how such a CBDC could strengthen the autonomy of the Blok, while at the same time providing a number of benefits to citizens and businesses.

More importantly, the European Central Bank will continue to serve as a pillar for its monetary system.

What the digital Euro will look like, however, has yet to be decided. Eurogroup’s latest statement highlighted an important issue between user privacy and anti-crime measures.

“To be successful, the digital euro must establish and maintain the trust of users for whom privacy is an important dimension and a fundamental right,” the statement said.

“The Eurogroup also considers that the design of the digital euro must be aligned with other policy objectives such as money laundering, illegal financing, prevention of tax evasion and enforcement compliance.

*Not investment advice.