EU Commission back on track for legislation on digital euro bill

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EU Commission back on track for legislation on digital euro bill
EU Commission back on track for legislation on digital euro bill

Commissioner Mairead McGuinness would be pressing ahead with a digital euro bill to underpin the central bank’s digital currency

To publish legislation on a digital euro on June 28, the European Commission is back on track after the controversial topic was previously removed from the executive’s agenda, the bloc’s lead financial services official said on Tuesday.

Set to cover topics such as privacy, distribution, and offline transactions, commissioner Mairead McGuinness would be pressing ahead with a digital euro bill to underpin the central bank’s digital currency, the commissioner confirmed.

“We’re looking forward to presenting both proposals next week,” McGuinness told an event in Brussels about the digital euro plans and a parallel law on the legal status of cash.

Plans for the CBDC have raised fears it could lead to state snooping or usurp the status of banknotes and coins.

The topic was removed from the agenda following internal discussions earlier this week, and it was removed from a tentative agenda published by the commission earlier Tuesday, two sources earlier said.

After examining technical details for several years, the European Central Bank is set to take a decision later this year on whether to press ahead with the project.

“It’s always been on my agenda for next week,” said McGuinness.

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