Single Currency Package News Today

Ireland has one of the highest values of online payments but EU is proposing measures to protect the use of cash

European Commission Proposes Legal Framework for Digital Euro - The European Commission (Commission) published its ‘Single Currency Package’ on 28 June 2023 with...

The Commission noted that the European Central Bank will have to undertake a significant amount of technical work to progress the digital euro, and it would only be able to issue the digital euro as a CBDC after its acceptance by both the European Parliament and Council.

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“If we want the digital Euro to become a success, we need a clear and convincing narrative of why we need it in the first place. People need to see the benefits of a digital Euro in their day-to-day lives. The European Central Bank and the European Commission have yet to make a compelling case […]

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The European Commission on 28 June put forward two proposals to ensure that citizens and businesses can continue to access and pay with euro banknotes and coins across the euro area, and to set out a framework for a possible new digital form of the euro that the European Central Bank may issue in the future, as a complement to cash.