The European Commission is preparing to create a Digital Euro

The European Commission is preparing to create a digital euro, it became clear from a draft law seen yesterday by DPA.

Consumers in Eurozone countries will be able to pay with the digital euro in a variety of ways, for example through their smartphones or smartwatches.

This payment method differs from paying by debit or credit card, DPA notes.

The Governing Council of the European Central Bank is due to decide in October whether to go ahead with a pilot program to introduce the digital euro. It will not replace banknotes and coins in circulation. It is expected to be introduced in 2026 at the earliest, adds BTA.

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