The EU Council on Friday backed a negotiating position for a digital euro that includes both online and offline functionality, diverging from earlier European Parliament proposals that focused solely on offline usage.
Under the Council’s new position, the digital euro would be publicly issued by the European Central Bank and usable anytime, anywhere, whether users are connected to the internet or offline, according to Reuters.
Fernando Navarrete, the European Parliament rapporteur for the digital euro, had advocated for an offline-only model to preserve users’ privacy and the resilience of the unit itself, with the central bank to operate as the currency’s regulator.
Online transactions would involve immediate processing through the central bank’s ledger or through authorised intermediaries, while offline transactions can be recorded locally and later synchronised with the central ledger when connectivity resumes, meaning the system can be used even in areas with poor connectivity while preserving cash-like privacy for its users.
Banking 4.0 – „how was the experience for you”
„To be honest I think that Sinaia, your conference, is much better then Davos.”
Many more interesting quotes in the video below:
