The European Commission has announced two proposals aimed at maintaining access to euro banknotes and coins while also establishing a framework for a potential digital version of the currency. The proposals come as part of a "single currency package" designed to ensure that individuals and businesses across the eurozone can continue to use and pay with the currency. The digital euro would serve as a complement to traditional cash and could potentially be issued by the European Central Bank as a central bank digital currency (CBDC) in the future.
In an article for Politico, European Commissioner for Financial Stability, Financial Services and the Capital Markets Union, Mairead McGuinness emphasized that the digital euro is not a surveillance project and will help keep the currency and European Central Bank relevant in a digital economy where cryptocurrencies circulate, and Big Tech companies aim to print their own money.
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