The ECB welcomes the new European Commission proposals on digital euro legislation and sees many benefits from it, a bank official told a European parliament committee.
The EC proposed giving the digital euro the status of legal tender, making its acceptance for payment mandatory. Panetta also praised the EC’s privacy proposals for the digital euro. He specified:
“Furthermore, the possibility to pay offline would provide cash-like privacy, with neither the intermediary nor the central bank processing the payment,” Panetta said. “Let me emphasise, once again, that the issuance of a digital euro represents an opportunity, not a risk, for the European financial sector.”
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