- Parliament has approved draft amendments to the Slovak constitution
- Including the right of citizens to pay for services and goods in fiat
- This is necessary to counter any possible restrictions by the EU
- It is believed that such may follow the launch of the digital euro
The Parliament approved amendments to the Slovak constitution last week, June 15. Among other things, it enshrined the right to pay for goods and services with fiat. The initiative is nothing more than an attempt to counter the popularization of the digital euro.
The bill was prepared by the right-wing Sme Rodina (“We Are Family”) party. It was passed by a significant margin, with 111 deputies voting in favor. Supporters of the bill noted that the initiative aims to protect the “financial sovereignty” of the country.
“It is very important that there is a provision in the Constitution, based on which we can protect ourselves from any instructions from the outside, saying there is only digital euro and nothing else,” said MP Miloš Svrček.
The draft amendments would also give entrepreneurs the right to refuse cash payments to consumers at their discretion. This is necessary to protect retail outlets from looting and is also a countermeasure to the pandemic.
But even in this case, the payment will be made by the bank provider in fiat. Important mention, these amendments do not prohibit the circulation of eEUR in the country, but give citizens the right to refuse it.
EU is actively studying the prospects of CBDC. The block is expected to present its first findings on this topic on June 28. At the same time, the IMF announced the development of a global platform designed to bring together digital currency from different jurisdictions.