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European Parliament backs digital euro bill, paving way for talks

ECB official Piero Cipollone said the three EU institutions will begin negotiations this month, with the draft aimed to be finalized by year end before any decision on issuance.

Reported · Written up by our desk · Central Banks

The European Parliament approved the draft legislation for the digital euro, clearing a key milestone for the European Central Bank’s planned project, ECB executive Piero Cipollone said in an interview with Jornal de Negocios.

Cipollone said there are three versions of the draft, reflecting proposals from the European Commission, the Council, and the Parliament, and that the three institutions will begin negotiations during the month to agree on a final text.

He said the bill approved last week closely aligns with the Commission and Council approach, and called for reinforcing requirements for payment service providers to support the digital euro app being developed by the ECB to help ensure universal access and resilience in exceptional circumstances.

On political debate over the program, Cipollone said the digital euro was approved by almost 70% of European Parliament members, and noted that all EU member states agreed on a common position in the Council, adding that the ECB is designing the project with privacy and accessibility concerns in mind.

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