Digital Euro legislation in EU postponed, according to source.

The publication of European Union legislation required for a digital euro, which was originally planned for June 28, has been postponed, as informed by blockchain.

The reason for the delay is due to the leak of a draft bill that deals with privacy and technical aspects of the central bank’s digital currency (CBDC), as well as a statement made by finance ministers last week that questioned the motivation behind the plan.

The timeline for the draft bill has shifted several times, as it was initially planned for May and was later scheduled for discussion and publication on June 28 by the European Commission’s decision-making body, according to a tentative forward agenda published last week. However, the commission has not provided any reason for the delay and has not announced a new publication date.

In a regular Thursday meeting, finance ministers from the euro area discussed the plans and emphasized the need for a “compelling and clear narrative” explaining the added value of this development in terms of its impact on the economy and citizens’ lives. Irish Finance Minister Paschal Donohoe, who chaired the meeting, stated that “ministers want to support this work but also look at how we can further develop that narrative within our institutions.”

The leaked legislative text, seen by blockchain last week, sought to prohibit banks from paying interest on digital euros and merchants from charging for their use.

blockchain has contacted the European Commission for comment on this matter.

Edited by Sheldon Reback.

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