Implementation of EU Digital Euro Legislation Delayed, According to Source

European Union legislation necessary to establish a digital euro, originally set to be published on June 28, has been put on hold, according to information obtained by CryptoGrafos.

This decision comes in response to the leaked draft bill, which addresses privacy and technical aspects related to the central bank digital currency (CBDC). Furthermore, finance ministers expressed doubts about the motivation behind the digital euro plan during discussions last week.

The timeline for the draft bill has undergone multiple revisions, with an initial plan to publish it in May. Most recently, the bill was scheduled for discussion and release during a June 28 meeting of the European Commission’s decision-making body, as indicated in a tentative forward agenda published last week. However, the commission did not provide a reason for the delay or announce a new publication date.

Finance ministers from the euro area also deliberated on the plans during their regular Thursday meeting. They emphasized the importance of developing a clear and compelling narrative that highlights the added value of the digital euro in terms of its impact on the economy and the lives of citizens. Irish Finance Minister Paschal Donohoe, who chaired the discussions, stated in a post-meeting statement that ministers are supportive of the work but also keen on further developing the narrative surrounding the digital euro within their institutions.

At present, a new publication date for the legislation remains unknown, suggesting that further discussions and revisions will take place before it is finalized and made public.

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