Cryptocurrency euro sparks controversy in the EU

The European Parliament has postponed the publication of the final version of the draft law on the EU digital currency. Citing sources close to the European Parliament, CoinDesk reported that the approval of the final version of the proposals caused a disagreement among commission members on privacy issues and the technical implementation of the CBDC issue.

According to official information, the European Commission is considering options for expanding the availability of the digital euro to the general public, for example, as an option for retail payments. «In the euro area, the creation of a retail CBDC is necessary to supplement cash and adapt official forms of currency to technological developments,» the explanatory note to the draft law said.

As CoinDesk journalists found out, eurozone finance ministers failed to reach a consensus on what would be considered the added value of the digital euro ecosystem in terms of the economies of individual countries and the daily lives of citizens.

MEPs decided to send the proposals for revision and temporarily postpone the publication of the legislative initiatives announced on June 28, which would define the options for using and regulating the digital euro.

The European Commission has not announced a new date for the publication of the legislative initiatives.

As for the details on the rules for the use of the cryptocurrency euro, the CBDC provides for prohibitions on the payment of interest, possession of large amounts, and the possibility of programming. According to Fabio Panetta, a member of the ECB Executive Board, individuals should be limited to holding a maximum of 3000 euros (about $ 3,250) to ensure that they are used primarily for everyday payments.