As the world is moving closer to the digital economy, continents like Europe, for instance, have had it necessary to evaluate the current payment system; in fact, the continent’s central bank is currently leading research into creating a central bank digital currency.

In addition to their research, the European Commission also launched a public consultation which is to run from April 5 to June 14, this to seek public opinion about the establishment and regulation of digital currency as a new form of European central bank money. 

However, the commission has received more than 10,000 comments from the public so far, a figure showing how concerned the people of the continent have been about CBDC.

During this period, a targeted consultation is also being done, a consultation designed to assist policymakers assess issues like users’ needs and expectations for CBDC, EU retail payments and the digital economy, the role of the digital euro for the application of money laundering regulations, privacy and data protection aspects and international payments.

According to a working document, the targeted consultation is necessary to complement public evidence. It is done to collect information from payment service providers, payment infrastructure providers, merchant associations, industrial experts, consumer associations, financial intelligence units, and other relevant authorities.

Hitherto, the EU is yet to decide whether to issue CBDC, and consultations are carried out against drafting any legislation due 2023. The bloc reported in February, citing Politico, that Mairead McGuinness, EU commissioner for financial stability, financial services, and capital markets, said: “Our goal is to have legislation in early 2023.”

In a report by Finextra, the European Central Bank (ECB), in a presentation to the finance minister on April 4, addressed privacy concerns and is also assessing the potential of digital currency; the phase is expected to continue till September 2023.

Use PRO5% for your premium membership to get a 5% discount today. We are a group of crypto traders with many years of experience in cryptocurrency; you will get life-changing information with us; join our telegram channel for free trading signals now.