NEW: A digital euro would at first be focused on personal payments, not paychecks or Web3, officials from the ecb said. jackschickler reports.
A retail digital euro will, in the first stage, only enable payments initiated by people, rather than allowing businesses to settle invoices, issue paychecks or be used in decentralized finance, European Union officials said Wednesday.
The three immediate applications will be peer-to-peer payments that enable transactions among family and friends; consumer-to-business payments in physical or online stores; and payments to or by governments, she said. Officials at the central bank still have to decide where they stand on issues like how transactions with a digital euro will be settled and intermediaries be compensated before finalizing the start of development in September of 2023, Witlox said.Officials at the European Commission, which is responsible for proposing the draft laws that could underpin a digital euro, want the CBDC to be future-proof and able to fit with Web3 – but appear to agree there’s no rush to do so.
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