The European Union (EU) will launch a digital wallet, which will allow citizens of any country to make payments and access services provided by each state, as well as allow the storage of digital ID information. The wallet, which will reportedly launch next year, could be linked with the Digital Euro project, a central bank digital currency (CBDC) proposal that the ECB is still working on.
EU to release digital wallet for payments next year
The European Union plans to issue a digital wallet that will allow its citizens to make payments with minimal friction across all member states. Wallet will be launched next year and integrate private and public services under just one app report good from Reuters.
The wallet will serve as a payment and ID vault of sorts, and will allow users to store the digital equivalent of their physical permits, such as passports or driving licenses, integrating other state-dependent services as well. Due to its character, the wallet will be authenticated using biometric data, such as fingerprint verification and retina scan using the computational power and sensors that mobile devices already have on board.
The EU is said to have thought about the privacy of the app’s users: the bloc will design the app in such a way as to partition users’ data, to ensure that this valuable data is not used for advertising. shall not be used by third parties. or other purpose.
A digital euro tie-in?
While the European Central Bank has decided not to issue a digital euro and is still in the process of exploring the implications of central bank digital currencies, this wallet could be useful for the implementation of such a currency. Combined with the app, the digital euro could give the EU the leverage to regulate the rise of other, unregulated digital currencies.
the European Central Bank Having said One of the key objectives of issuing a digital euro would be to:
… Avoid reliance on digital means of payment issued and controlled from outside the euro area, which can undermine financial stability and monetary sovereignty.
If the system is indeed implemented, it would be the largest digital CBDC ever, covering the 27 member states of the European Union within its sphere of influence. However, this would not be the first: Bahamas and China Already in the process of issuing their own digital currency.
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