Bitcoin has been called the most controversial and exciting financial technology of the 21st century. The digital cryptocurrency allows users to store, send and receive money without having to trust a third party, such as a bank or government. These transactions have been conducted with anonymity, without the threat of prosecution by law enforcement agencies. To make cryptocurrencies more user-friendly, European Union is working on a single digital wallet system to store, send and receive money across all the member states. This can help eliminate the complexity of using multiple wallets, which have to be stored separately.
The European Commission has outlined plans to launch a new digital payment platform in 2017. The European Payments Council will become the “single point of contact” for banks, which will be able to use the platform to process cross-border payments.
The European Commission is preparing to release a Digital Single Market strategy that will see the European Union shift its focus to digital payments and the commission’s proposal to do that will include the idea of creating a digital wallet. The plan is to allow digital payment methods to reach the same level of mainstream use as traditional methods such as cash, credit cards and checks.The European Union (EU) is to introduce a digital wallet that will allow citizens of all EU countries to make payments, access national services and store digital identification data. The wallet, due to be launched next year, could be linked to the Digital Euro project, a proposed central bank digital currency (CBDC) that the ECB is still working on.
EU to launch digital wallet for payments next year
The European Union is planning to introduce a digital wallet which will allow its citizens to make payments in all Member States with minimum effort. According to a report by Reuters, the wallet is expected to launch next year and combine public and private services in one app. The wallet will serve as a kind of payment and identification vault, where users can store the digital equivalent of their physical driving licenses, such as passports or driving permits, and integrate other government services. By nature, wallets will authenticate themselves using biometrics such as fingerprint verification and retina scans, leveraging the computing power and sensors already present on mobile devices. The European Union is reportedly concerned about the privacy of app users: Block has reportedly designed the application to separate user data to ensure that this valuable data is not used by third parties for advertising or other purposes.
Digital Euro ?
Although the European Central Bank has not yet made a decision on issuing a digital euro and is still exploring the possibilities of central bank digital currencies, this wallet could be useful for the launch of such a currency. Combined with the introduction of the digital euro, this could give the European Union the leverage to regulate the growth of other uncontrolled digital currencies. The European Central Bank has stated that one of the main objectives of digital euro issuance will be : …avoid dependence on digital payment instruments issued and controlled outside the euro area, which could jeopardize financial stability and monetary sovereignty. When effectively implemented, it will be the largest digital CBDC to date, covering all 27 EU Member States within its sphere of influence. However, this is not the first case of its kind: The Bahamas and China already issue their own digital coins. What do you think of this digital wallet issued by the European Union? Tell us in the comment section below Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.The European Union is set to release its own digital currency later this year. The EU is currently in the middle of creating their own digital currency, and while they’re not calling it that, it’s essentially their own version of Bitcoin. It would occur to most people that this is a pretty good idea, considering the current state of things. The EU is looking for a digital currency to be deployed and used by the public starting later this year.. Read more about set to unveil plans digital wallet and let us know what you think.
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