Stephanie Douse 
The ease of use, availability, prices, requirements, and shareholding limitations needed to ensure financial stability are all addressed by the EU’s survey till May 3.
The European Commission said in a consultation published on Tuesday, April 5, 2022, that if it issued a digital currency, it would need to adopt legislation in areas such as privacy and anti-money laundering.
EU’s Appeal
The appeal for ideas by the commission comes before any formal decision has been made on whether to create a digital currency in the first place and is viewed as the first step toward legislation from Brussels on the subject.
The Directorate-General for Financial Stability, Financial Services and Capital Markets Union of the Commission announced that it would be preparing an assessment of the central bank digital currency based on the expected impact on financial service providers, retail users, and chambers of commerce.
The commission will confer with industry experts on problems such as international payments, privacy, the influence on the banking sector and financial stability, use cases alongside cash payments, and anti-money laundering and counter-terrorist financing legislation when it comes to the digital euro.
“For a digital euro to be used as the single currency, concurrently with banknotes and coins, it would require a regulation of the co-legislator, upon a proposal by the commission,” said the consultation document. “Moreover, additional legislative adjustments of the current legislative framework by the commission to adjust to the digital euro and possibly to digital currencies issued by central banks of non-euro area member states may be needed.”
The consultations will be in addition to those held by the Central Bank, which recently announced the results of focus groups commissioned in September 2021.
According to consumer and merchant feedback, the possible implementation of a digital euro might benefit from use cases both online and in physical retail shops. Responses will be accepted until June 14.
The commission’s finance chief, Mairead McGuinness, announced in February that legislation for a digital currency will be submitted in 2023. The Central Bank has been looking at the possibility of creating a digital euro, as interest in central bank digital currencies appears to be increasing throughout the world.
A digital euro, according to an ECB consultation that ran from October 2020 to January 2021, might help cut interest rates, speed up transaction procedures, and reduce the need for currency.