European Commission proposes digital euro for accessible payments, prioritizing user privacy and opening up the market.
, aiming to make it a widely accepted and easily accessible form of payment.that allowing individuals to obtain digital euros through their banks upon request ensures easy accessibility and prevents citizens from being left behind. The proposal also includes provisions for free basic digital euro services, privacy protection and offline payments.
In a separate proposal, the commission suggested that banks, insurers and funds should share customer data with fintech companies in exchange for compensation, aiming to promote the advancement of digital finance. Under this proposal, companies holding customer data must promptly and continuously share it with participating companies upon customer request, ensuring real-time access to the information.
With this move, the commission aims to open up the payments market controlled by banks, Visa and Mastercard, which is now facing competition from fintech companies offering alternative services. Furthermore, the proposed legislation prioritizes user privacy and data protection, while minimizing the risks of money laundering and terrorist financing.
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