European sellers may be obliged to accept digital euro

Retailers and wholesalers doing business in the eurozone will have to accept the digital euro if the EU recognizes CBDC as legal tender. This is stated in the document of the Eurogroup secretariat, which was presented to the G-20 finance ministers today, March 13.

«The definition of legal tender would mean that merchants would have to ensure that payments are accepted in the digital euro. This is necessary to increase the network effect and potential impact on the distribution of the digital asset,» the document says.

The G-20 finance ministers should also address the issue of «balancing the principles of contractual freedom and mandatory acceptance of CBDC». Coindesk analysts recalled that during the previous discussion, officials said that the digital euro should not be programmable.

The ECB has until the fall of 2023 to officially decide whether to launch its currency in a digital format. Currently, diplomats of eurozone countries are working on technical details. European officials are studying the potential capabilities of the CBDC.

Last week, European Commissioner for Financial Services, Financial Stability and Capital Markets Union Máiread McGuinness confirmed that the CBDC bill would also take into account anti-money laundering rules.

As a reminder, the digital currency of the European Union’s central bank (CBDC) may have transaction limits for individuals. The exact limits have not yet been set. As part of the discussion, officials propose 3000 euros as a value retention limit and 1000 transactions as a monthly limit for digital asset transactions.