European Central Bank (ECB) President Christine Lagarde says that the digital euro currently being worked on by the EU will adhere to strict privacy rules.
In an announcement from the ECB, the central bank says that it’s moving into the “preparation phase” of its digital euro project following a decision from its Governing Council.
The ECB says that the digital euro aims to be a form of cash that could be used for all digital payments in Europe, and would be free of charge both online and offline in a private manner.
“The Eurosystem envisions a digital euro that would be free for basic use for individuals. A compensation model between intermediaries and merchants would ensure that there are incentives for intermediaries to distribute digital euro, as is the case for other electronic payment instruments, and that there are adequate safeguards against excessive service charges for merchants. The Eurosystem would bear its own costs, including those related to scheme management and settlement processing…
It could be used from person to person, at the point of sale, in e-commerce and in government transactions. No digital payment instrument offers all these features. The digital euro would fill that gap.”
Lagarde says that the digital euro will have the “highest privacy standards” and will co-exist comfortably with physical cash.
“We need to prepare our currency for the future. We envisage a digital euro as a digital form of cash that can be used for all digital payments, free of charge, and that meets the highest privacy standards. It would coexist alongside physical cash, which will always be available, leaving no one behind.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Open Studio
Source: https://dailyhodl.com/2023/10/18/christine-lagarde-says-new-digital-euro-will-meet-highest-privacy-standards-project-moves-into-next-phase/