BRUSSELS : The European Union's financial services chief said on Wednesday that a draft law to underpin a digital euro should not be rushed out ahead of European elections next June and instead be examined"quietly and slowly" for the new Commission.
Speaking at a conference held by consultancy Bruegel, Mairead McGuinness said while the Commission had proposed a framework in June for a digital euro, it would be the European Central Bank that decides on whether to issue one. "Cash is less in use. We are using our cards and phones to buy, we’re doing e-commerce and if there were a time when cash was very much diminished then where do we have public money - the central bank public money - if it’s not in cash? We need a digital version of this," McGuinness said, adding the EU was duty-bound to look into it.
She said that offering a choice for consumers was important and the Commission proposed measures in tandem that would ensure cash remained accessible and useful.
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