28 June 2023

• Proposed legislation establishes framework facilitating the possible introduction of a digital euro that is widely usable and available throughout the euro area
• ECB also welcomes Commission proposal to protect legal tender status of euro cash
• Governing Council to decide in autumn whether to move to next phase of digital euro project

The European Commission has published today its legislative proposal on a digital euro.

Like banknotes and coins are now, a digital euro would be a universal means of payment across the entire euro area. The proposed legal tender status for the digital euro would ensure it is widely accepted as a means of payment. The provision that people can get digital euros through their bank on request would make it easily accessible and ensures that nobody would be left behind.

The proposal also foresees that people could use basic digital euro services for free. At the same time, the proposal offers private intermediaries appropriate economic incentives…