PANews reported on October 31 that, according to Bloomberg, Ernando Navarrete, a leading EU MEP, believes a fully functional digital euro should only be launched when the private sector is unable to develop its own solution to integrate Europe's fragmented payment landscape. In his report, he proposed that an online version of the digital currency should be "conditional on the lack of a pan-European sovereign retail payment solution," and that EU executive bodies must conduct "market testing" to confirm whether the conditions for a digital euro have been met. This report will form the basis for further discussion in the European Parliament. While the European Central Bank has consistently advocated for a public payment method, Navarrete believes that public demand for an online version could incentivize the eventual development of a superior private solution because it is "inherently stable" and does not require safeguards such as holding limits.PANews reported on October 31 that, according to Bloomberg, Ernando Navarrete, a leading EU MEP, believes a fully functional digital euro should only be launched when the private sector is unable to develop its own solution to integrate Europe's fragmented payment landscape. In his report, he proposed that an online version of the digital currency should be "conditional on the lack of a pan-European sovereign retail payment solution," and that EU executive bodies must conduct "market testing" to confirm whether the conditions for a digital euro have been met. This report will form the basis for further discussion in the European Parliament. While the European Central Bank has consistently advocated for a public payment method, Navarrete believes that public demand for an online version could incentivize the eventual development of a superior private solution because it is "inherently stable" and does not require safeguards such as holding limits.
EU lawmakers propose restrictions on the development of the digital euro
PANews reported on October 31 that, according to Bloomberg, Ernando Navarrete, a leading EU MEP, believes a fully functional digital euro should only be launched when the private sector is unable to develop its own solution to integrate Europe's fragmented payment landscape. In his report, he proposed that an online version of the digital currency should be "conditional on the lack of a pan-European sovereign retail payment solution," and that EU executive bodies must conduct "market testing" to confirm whether the conditions for a digital euro have been met. This report will form the basis for further discussion in the European Parliament. While the European Central Bank has consistently advocated for a public payment method, Navarrete believes that public demand for an online version could incentivize the eventual development of a superior private solution because it is "inherently stable" and does not require safeguards such as holding limits.
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