- The law was previously removed from the agenda of European politicians
- Insiders reported that this was due to resistance from a number of officials
The European Commission is back on plans to pass a digital euro law at the June 28 session. This was announced by Commissioner Mairead McGuinness, who heads the Financial Services Commission.
Previously, consideration of the document was removed from the agenda of EU MPs. Insiders told Coindesk that this is due to internal disputes in the EU. Many politicians oppose CBDC. They fear state surveillance, as well as the risk of destabilizing the financial system. Against this background came controversial news from Slovakia. The local government has banned the use of CBDCs and has enshrined the rule in the Constitution.
Commissioner McGuinness said her office will advocate for a bill in support of the electronic euro on June 28. This document covers a number of topics, including privacy, offline payments, CBDC distribution, etc.
“We look forward to presenting both proposals next week.”
After the document is reviewed and voted on, the next stage will come. The European Central Bank will have to study the digital currency project and its technical details before introducing the currency. It could take several years.
In the meantime, the IMF has announced the development of a global platform designed to bring together digital currency from different jurisdictions.