{"id":14389,"date":"2022-11-10T02:51:52","date_gmt":"2022-11-10T02:51:52","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/brussels-to-put-out-digital-euro-law-shortly-ecbs-lagarde-says-finance-bitcoin-news\/"},"modified":"2022-11-10T02:51:52","modified_gmt":"2022-11-10T02:51:52","slug":"brussels-to-put-out-digital-euro-law-shortly-ecbs-lagarde-says-finance-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/brussels-to-put-out-digital-euro-law-shortly-ecbs-lagarde-says-finance-bitcoin-news\/","title":{"rendered":"Brussels to Put Out Digital Euro Law Shortly, ECB\u2019s Lagarde Says \u2013 Finance Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The European Commission is going to present a legislative proposal for a digital euro in the near future, President of European Central Bank Christine Lagarde has indicated. EU legislators are expected to define the new currency\u2019s legal tender status and determine its privacy features. <\/strong><\/p>\n

EU Commission to Propose Legislation for Eurozone\u2019s Digital Currency<\/h2>\n

Authorities in the euro area have already made good progress in exploring the rationale and the potential benefits and risks of a central bank digital currency (CBDC<\/a>), the head of the European Central Bank (ECB) noted during a conference devoted to the digital version of the common currency.<\/p>\n

In a video message, Christine Lagarde said that the focus of their efforts is now shifting to the concrete design of the digital euro<\/a> and its embedding into a legal framework. This is an area where EU legislators will play an important role, the top executive stressed and revealed:<\/p>\n

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I\u2019m therefore very much looking forward to the legislative proposal for establishing a digital euro which the European Commission will propose shortly.<\/p>\n<\/blockquote>\n

The executive body in Brussels is one of the main participants in the European Union\u2019s complex legislative process, along with the European Parliament and the Council of the EU, and is responsible for suggesting new laws.<\/p>\n

In her statements, published<\/a> by the ECB, Lagarde pointed out that the co-legislators must now define the balance between competing public objectives. She marked two aspects in particular \u2014 privacy and the digital euro\u2019s legal tender status.<\/p>\n

New Legislation to Determine Privacy Features and Legal Tender Status for Digital Euro<\/h2>\n

Reminding that 43% of the respondents in the public consultation on the digital euro ranked privacy as the most important feature of the upcoming CBDC, the president of the eurozone\u2019s monetary authority acknowledged that if the coin is to be attractive, it needs to meet people\u2019s expectations in that respect.<\/p>\n

\u201cWe should at least provide a level of privacy equal to that of current electronic payment solutions,\u201d Christine Lagarde emphasized while excluding full anonymity, such as offered by cash, citing anti-money laundering rules and the need to limit the use of the digital euro for investment. However, she did not rule out greater privacy for low-value, low-risk, and offline payments.<\/p>\n

Elaborating on the other aspect that she highlighted, Lagarde insisted that it is a constitutional feature of cash, as central bank money, to be legal tender and made it clear that the same principle should apply to the digital version of the euro, allowing citizens to use it to pay<\/a> anywhere. This should include digital payments in physical stores, e-commerce, and peer-to-peer payments, the head of the ECB detailed.<\/p>\n

In her address, Christine Lagarde also emphasized the importance of the upcoming Markets in Crypto Assets legislation (MiCA<\/a>) and listed the emergence of cryptocurrencies like bitcoin and ether among the major developments leading to a potentially disruptive transformation of the traditional model of payments.<\/p>\n

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\nTags in this story
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CBDC<\/a>, Christine Lagarde<\/a>, Conference<\/a>, Digital Currency<\/a>, digital euro<\/a>, ECB<\/a>, EU<\/a>, European Central Bank<\/a>, european commission<\/a>, Lagarde<\/a>, legal framework<\/a>, Legislation<\/a>, legislative proposal<\/a>, President<\/a><\/div>\n<\/div>\n

Do you expect the EU Commission to put forward draft legislation for the digital euro soon? Tell us in the comments section below. <\/strong><\/em><\/p>\n

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\nLubomir Tassev <\/h6>\n

\nLubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens\u2019s quote: \u201cBeing a writer is what I am, rather than what I do.\u201d Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, Alexandros Michailidis \/ Shutterstock.com<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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