The European Commission has announced its legislative plan for the introduction of a digital euro, aiming to make it a widely accepted and easily accessible payment method. The plan includes provisions for individuals to acquire digital euros through their banks upon request, ensuring convenience and avoiding exclusion for citizens. Additionally, the proposal suggests that banks, insurers, and funds should share customer data with fintech firms in exchange for compensation, in order to promote the advancement of digital finance. The plan also includes measures for free essential digital euro services, strong privacy protection, and the facilitation of offline payments. It explicitly prohibits any restrictions on the types of goods the digital euro can be used for, although conditional payments like utility bills can still be made using the digital currency. The proposal aims to enhance convenience, inclusivity, and data security within the digital euro framework. The European Commission estimates that a digital euro could reduce transaction fees and increase efficiency, allowing for near-instantaneous settlements and reducing reliance on intermediaries.
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