The European Commission has released a proposal for a digital euro that aims to ensure free access to the Central Bank Digital Currency (CBDC) across the European Union. The proposal includes establishing a legal framework that enables digital euro payments to be made from device to device, both online and offline. The digital euro would be available alongside existing means of payment such as cards or applications, and would function as a digital wallet for individuals and businesses to make payments anytime and anywhere in the euro area. The legislation also aims to guarantee privacy similar to physical cash, with online transactions offering the same level of protection as existing digital payment methods. European Commissioner Mairead McGuinness expects ongoing debate over the digital euro but believes the proposed measures could win over skeptics. The European Central Bank will decide whether to issue the CBDC and has welcomed the proposal, stating that it will decide in the coming months whether to move forward with its CBDC project. ECB President Christine Lagarde emphasized the importance of a digital euro to ensure the currency is fit for the digital age, while Fabio Panetta stressed the need to bring the valued features of cash into the digital sphere.
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