The European Central Bank (ECB) said the digital euro should prioritize online and peer-to-peer payments.
In documents published on the European Central Bank website, he stated that the digital euro should prioritize online purchases and payments between friends.
That said, transfers to stores and governments may take longer to develop, but basic personal use should be free.
First Release Will Prioritize E-Commerce and Peer-to-Peer Payments
The report, released ahead of Wednesday’s meeting, says other uses, such as paying taxes, receiving benefits payments or even making payments through physical stores, could be pursued at a later stage for the central bank digital currency (CBDC).
The ECB is just one of many global jurisdictions considering whether to issue a CBDC. Authorities are still evaluating options and addressing issues such as user needs and market gaps. That said, the agency is scheduled to make an official decision later this year.
The document, prepared by the ECB’s digital euro project team, states: “A practical step-by-step approach will contribute to providing a seamless end-user payment experience.”
The report states that the initial release will be for e-commerce and peer-to-peer payments between private individuals.
In the report, it was stated that the use of euros for private individuals should be free for basic applications such as participation and payment. However, it was stated that new laws could be enacted to discourage banks from charging investors too much for use.
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