EU lawmakers propose to limit the development of the digital euro

PANews, October 31 - According to a report by Bloomberg, EU lawmaker Fernando Navarrete believes that a fully functional digital euro should only be launched when the private sector cannot come up with its own plan to integrate Europe's fragmented payment landscape. In his report, he suggested that the online version of digital money should be conditional on the lack of a pan-European sovereign retail payment solution, and the EU executive must conduct “market testing” to confirm whether the conditions for a digital euro have been met. This report will serve as the basis for further discussions in the European Parliament. The European Central Bank has been advocating for a public payment method, but Navarrete believes that public push for an online version may incentivize the eventual realization of a private solution, which would be superior because it is “inherently stable” and does not require limits or other safeguards.