Today the European Commission published a draft law for a digital euro. The legislation will require banks to act as intermediaries, providing basic central bank digital currency (CBDC) services for free without receiving direct compensation from the EU. Additionally, phone manufacturers such as Apple have to enable access to NFC technology. The EU already launched a complaint against Apple regarding restrictions preventing others from providing wallets that compete with Apple Pay.
“Today’s proposals will also make sure that cash will continue to be fully available, while allowing the European Central bank to develop, over time, the practical aspects of the digital euro,” said Valdis Dombrovskis, European Commission EVP. ” It would be safe and secure, instant and convenient – online and offline – offering more consumer choice alongside with private digital payment options such as cards and apps. “
While banks are mandated to provide both online and offline services, other payment providers can choose whether or not to participate. The provision of free services by banks applies to consumers not businesses and to basic services only. They are required to supply dedicated onboarding assistance to people with disabilities, the elderly and the digitally challenged.
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