The European Parliament will vote on a report on the European Central Bank’s annual activities, which includes a section supporting the digital euro. The voting will take place on Tuesday. In an annual report on the European Central Bank (ECB) to be adopted on Tuesday, 48 EU legislators inserted a line supporting the digital euro.
Although the document has no legislative authority, the voting on the amendment will reveal where public support for the digital euro lies. The digital euro would be an electronic form of cash issued by the ECB, augmenting cash and commercial bank-issued cards.
Unlike traditional card payments, which are “private, the digital euro would allow citizens to access digital “public” money directly, which is currently mostly available in cash. The plan has already received support from EU members in the Council, leaving Parliament as the final co-legislator to weigh in on the issue.
However, the Parliament is experiencing a political standstill, with MEPs working on the idea struggling to agree on a shared vision for the design of the digital euro. The chief rapporteur on the issue, centre-right Spanish MEP Fernando Navarrete, has proposed limiting the scope of the digital euro, such as designing it just for offline use. In that case, the digital euro would not be an alternative to Visa and Mastercard.
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