BETA

46 Amendments of Markus FERBER related to 2023/0212(COD)

Proposal for a regulation
Recital 9

(9) Like euro banknotes and coins, the digital euro should be a direct liability of the European Central Bank or of the national central banks of the Member States whose currency is the euro towards digital euro users. The digital euro should be issued for an amount equal to the face value of the corresponding liability on the consolidated balance sheet of the European Central Bank and the national central banks of the Member States whose currency is the euro, in particular by converting payment service providers’ central bank reserves into digital euro holdings, to satisfy demand from digital euro users. To hold and use digital euros, digital euro users should only need to establish a contractual relationship with payment service providers distributing the digital euro to open digital euro ~~payment account~~holdings. No account or other contractual relationship would be established between the digital euro user and the European Central Bank or the national central banks. Payment service providers should manage the digital euro accounts of digital euro users on their behalf and provide them with digital euro payment services. Since payment service providers are not a party to the direct liability held by digital euro users towards the European Central Bank and the national central banks of the Member States whose currency is the euro, and are acting on behalf of digital euro users, the insolvency of payment service providers would not affect digital euro users. (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)

2024/02/21
Committee: ECON

Proposal for a regulation
Recital 10

(10) The digital euro should be governed by the provisions of this Regulation. They may be supplemented by the delegated acts that the Commission is empowered to adopt pursuant to Article~~s 11, 34, 35, 36 and~~ 38, and by the implementing acts that the Commission is empowered to adopt pursuant to Article 37. In addition, within the framework of this Regulation and its delegated acts, the European Central Bank may adopt detailed measures, rules and standards pursuant to its own competences. Where such measures, rules and standards have an impact on the protection of individual’s rights and freedoms with regard to the processing of personal data, the European Central Bank should consult the European Data Protection Supervisor. To ensure legal certainty, the Regulation also clarifies that the digital euro is subject to Directive (EU) 2015/849 of the European Parliament and of the Council, of 20 May 2015, on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and to Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds, without prejudice to the adjusted anti-money laundering and counter terrorist financing framework laid down in this regulation for offline digital euro payment transactions. Digital euro payment transactions and the related payment services are also subject to Directive (EU) 2015/2366 of the European Parliament and of the Council, of 25 November 2015, on payment services in the internal market, as amended by Directive [please insert reference - proposal for a Directive of the European Parliament and of the Council on payment services and electronic money services in the internal market amending Directive 98/26/EC and repealing Directives 2015/2366/EU and 2009/110/EC - COM(2023) 366 final] which has provided that ‘funds’ include central bank money issued for retail use (i.e. banknotes, coins and central bank digital currencies), and to Regulation (EU) 2021/1230 on cross border payments.

2024/02/21
Committee: ECON

Proposal for a regulation
Recital 25

(25) For the purpose of properly enforcing any holding limits on the use of the digital euro ~~decided upon by the European Central Bank~~, when on- boarding digital euro users, or during ex- post checks where appropriate, payment service providers in charge of distributing the digital euro should verify whether their prospective or existing customer already has digital euro payment accounts. The European Central Bank may support payment service providers in performing the task of enforcing any holding limits, including by establishing alone or jointly with national central banks a single access point of digital euro user identifiers and the related digital euro holding limits. The European Central Bank should implement appropriate technical and organisational measures, including state-of-the-art security and privacy-preserving measures, to ensure that the identity of individual digital euro users cannot be linked with the information in the single access point by entities other than payment service providers whose client or potential customer is the digital euro user. The European Central Bank should be controller to the extent that these activities require processing of personal data. When the European Central Bank establishes the single access point together with the national central banks, they should be joint controllers.

2024/02/21
Committee: ECON

Proposal for a regulation
Recital 32

(32) An unrestricted use of digital euro as a store of value could endanger financial stability in the euro area, with adverse effects on credit provision to the economy by credit institutions. This may require that the European Central Bank, with a view to ensuring the stability of the financial system, and in line with the principle of proportionality, introduce limits on the digital euro’s use as a store of value. The policy tools that could be used for this purpose include, but would not be restricted to, quantitative limits to individual digital euro holdings and limits to conversion of other categories of funds to digital euro in a specified timeframe. When deciding on the parameters and use of the instruments referred to in paragraph 1, the European Central Bank should respect the principle of an open market economy with free competition, in accordance with Article 127(1) TFEUerefore a holding limit of 500 Euros should apply.

2024/02/21
Committee: ECON

Proposal for a regulation
Recital 36

(36) The digital euro should allow for a smooth payment experience. ~~Any instruments that the European Central Bank might employ to limit~~Limits to the digital euro’s store of value function should take this objective into account. Automated mechanisms that link a digital euro payment account with a non-digital euro payment account should allow for an uninhibited payment functionality of the digital euro, by ensuring that transactions are successfully executed in the presence of individual digital euro holding limits that may become binding on the payer’s or payee’s side. In particular, digital euro users should be able to initiate a digital euro payment transaction even though the amount of their digital euro holdings is inferior to the amount of the transaction, by automatically mobilising funds from a non- digital euro payment account to complement the transaction amount (‘reverse waterfall functionality’). Conversely, digital euro users should be able to receive digital euro payment transactions even though the amount of the transaction exceeds the limit set on their digital euro holdings, by automatically transferring funds in excess of the limit to a non-digital euro payment account (‘waterfall functionality’). Such payment functionalities should not be mandatory and should be expressly authorized by digital euro users. Where digital euro payment account held by one payment service provider is linked with non-digital euro payment account held by another payment service provider, they should enter into an arrangement specifying their respective roles and responsibilities under data protection rules, as well as agree on the security measures necessary to ensure secure transmission of personal data between the two payment service providers.

2024/02/21
Committee: ECON

Proposal for a regulation
Recital 39

(39) ~~Any l~~Limits to the store of value function ~~that the European Central Bank decided on~~ should be binding on and implemented by the payment service providers distributing the digital euro. While natural or legal persons may have one or more digital euro payment accounts at the same payment service provider or at different payment service providers, they should be subject to an individual holding limit that a digital euro user may allocate across different payment services providers. Payment service providers may offer digital euro users the possibility to legally have a joint digital euro payment account. In this case, any holding limit applied to the joint digital euro payment account should be equal to the sum of the allocated holding limits of the digital euro users. Where a digital euro payment account is legally held by only one digital euro user, but can be technically accessed to and used by several persons, upon de facto or legal mandate given by the digital euro user, any holding limit applied to the digital euro payment account should remain equal to the holding limit defined for a digital euro payment account held by a single digital euro user, to avoid any circumvention of the holding limits.

2024/02/21
Committee: ECON

Proposal for a regulation
Recital 57

(57) European Digital Identity Wallets could facilitate digital transactions by enabling authentication, identification and the exchange of attributes including licenses and certificates. European Digital Identity Wallets should contribute to the effective universal access to and use of the digital euro. Member States should issue European Digital Identity Wallets based on common standards and practices set out in the implementing legislation. The European Digital Identity Wallet should have strong and specific safeguards to ensure data protection and privacy and high-level security certification. Front-end solutions ~~to be developed by the European Central Bank~~ should therefore duly consider the technical specifications governing the European Digital Identity Wallets. This would enable the relevant interoperability with the European Digital Identity Wallets that would allow to capitalise on these benefits. Based on user choice, interoperability with the European Digital Identity Wallet should also allow to discharge customer due diligence under Regulation (EU) [please insert reference – proposal for a Regulation for Anti-Money Laundering Regulation – COM/2021/421 final). Furthermore, to achieve a coherent customer experience, intermediaries might choose to fully integrate their digital euro front-end services into the specifications governing the European Digital Identity Wallets.

2024/02/21
Committee: ECON

Proposal for a regulation
Recital 61

(61) To access and use the digital euro as part of digital euro payment services, digital euro users should be provided with front-end services. Those users should have the possibility to access and use digital euro payment services via the front- end services provided by payment service providers and by the European Central Bank. Payment service providers should be able to choose to rely on front-end services provided by other stakeholders, including the European Central Bank, notably in the case where the cost of developing and operating front-end services, including applications, are disproportionate. Where digital euro users can choose between different front-end services, the decision to select a given front-end service should ultimately rest in the hands of those users and should not be imposed by payment service providers or the European Central Bank. In this respect, payment service providers should have capacity to provide digital euro users with the possibility to access and use digital euro payment services via the front-end services provided by the European Central Bank. The European Central Bank and the payment service providers shall implement appropriate technical and organisational measures including state-of-the-art security and privacy-preserving measures to ensure that the identity of individual digital euro users cannot be accessed by the ECB via its front-end solution.

2024/02/21
Committee: ECON

Proposal for a regulation
Recital 62

(62) To avoid interfering in the payment service providers’ customer relationships and their role in the digital euro distribution, the front-end solutions provided by the European Central bank should be limited to providing an interface between digital euro users and the payment infrastructures of payment service providers. In particular, the Eurosystem would not have a contractual relationship with digital euro users even if those users use the front-end services provided by the European Central Bank. The ECB and the payment service providers should implement appropriate technical and organisational measures including state-of-the-art security and privacy-preserving measures to ensure that the identity of individual digital euro users cannot be accessed by the ECB via its front-end solution.deleted

2024/02/21
Committee: ECON

Proposal for a regulation
Recital 68

(68) The prevention of fraud by payment service providers is essential for the protection of citizens making use of the digital euro, the integrity of the personal data processed in digital euro payments, and to ensure the smooth and efficient functioning of the digital euro. Fraud prevention plays an essential role in maintaining trust in the single currency. For this purpose, the European Central Bank may establish a general fraud detection and prevention mechanism to support fraud management activities performed by payment service providers on online digital euro payment transactions. A general fraud detection and prevention mechanism delivers a range of essential functions to detect fraud patterns that a single payment service provider could not detect on its own. Often one payment service provider does not have the full picture about all elements that could lead to timely fraud detection. However, it can be made more effective with information on potentially fraudulent activity stemming from other payment service providers. Therefore, the general fraud detection and prevention mechanism should include a possibility for payment services providers to exchange fraud data. This general fraud detection function exists in comparable payment schemes and is necessary to achieve demonstrably low fraud rates in order to keep the digital euro secure for both consumers and merchants. The transfer of information between PSPs and the fraud detection and prevention mechanism should be subject to state-of- the-art security and privacy-preserving measures to ensure that individual digital euro users are not identified by the central fraud detection and prevention mechanism.

2024/02/21
Committee: ECON

Proposal for a regulation
Recital 73

(73) Payment service providers should be able to process personal data only in so far as it is necessary to fulfil tasks that are essential to the proper functioning of the digital euro. In line with Article 6(1)(c) of Regulation (EU) 2016/679, processing activities should be considered lawful as regards the digital euro if and to the extent that they are necessary for compliance with a legal obligation to which the controller is subject pursuant to this Regulation. In the framework of this regulation, the processing of personal data for the purposes of the enforcement of holding limits, the initiation of the funding and de- funding of a user’s holdings, and the management of local storage devices for offline digital euro payments are tasks in the public interest that are essential for the protection of citizens making use of the digital euro as well as for the stability and integrity of the Union's financial system. Payment service providers will be the controller of personal data as regards these tasks. In addition, payment service providers may process personal data to comply with existing tasks in the public interest or for compliance with a legal obligation established in Union law that apply to funds defined in Directive (EU) 2015/2366. These tasks apply to the provision of payment services and the prevention and detection of fraud in accordance with Directive (EU) 2015/2366, combatting money laundering and terrorist financing in accordance with Directive (EU) 2015/849, the fulfilment of obligations related to taxation and tax avoidance, and the management of operational and security risks in line with Regulation (EU) 2022/255.

2024/02/21
Committee: ECON

Proposal for a regulation
Recital 83 a (new)

(83a) Central bank digital currencies are a new development that could potentially have implications for financial stability and banks' business models. Therefore, the ECB and the European Commission should closely monitor the application of this Regulation and report back regularly to the European legislator. These reports should also reflect on potential new use cases for the digital euro.

2024/02/21
Committee: ECON

Proposal for a regulation
Article 11

Article 11 Additional exceptions of a monetary law nature The Commission is empowered to adopt delegated acts in accordance with Article 38 to supplement this Regulation by identifying additional exceptions of a monetary law nature to the principle of mandatory acceptance. Those exceptions shall be justified by an objective of public interest and proportionate to that aim, shall not undermine the effectiveness of the legal tender status of the digital euro, and shall only be permitted provided that other means for the payment of monetary debts are available. When preparing those delegated acts, the Commission shall consult the European Central Bank.deleted

2024/02/21
Committee: ECON

Proposal for a regulation
Article 13 – paragraph 4 – subparagraph 1 – point a

(a) to have their digital euros in excess of ~~any limitations the European Central Bank may adopt in accordance with Article 16~~the holding limit of 500 Euros automatically defunded to a non-digital euro payment account, where an online digital euro payment transaction is received;

2024/02/21
Committee: ECON

Proposal for a regulation
Article 13 – paragraph 6

6. For the purpose of digital euro payment services, digital euro users shall only enter into a contractual relationship with PSPs. Digital euro users shall not have any contractual relationship with the European Central Bank or the national central banks. This provision shall be without prejudice to the liability of the European Central Bank or the national central banks relating to matters under their direct control in relation to the digital euro.

2024/02/21
Committee: ECON

Proposal for a regulation
Article 14 – paragraph 3 – point a

(a) provide basic digital euro payment services to natural persons referred to in Article 13(1)(a) that do not hold or do not wish to hold a ~~non-digital euro payment account;~~payment account denominated in Euro; (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)

2024/02/21
Committee: ECON

Proposal for a regulation
Article 15 – paragraph 1

1. With a view to enabling natural and legal persons to access and use digital euro, to defining and implementing monetary policy and to contributing to the stability of the financial system including the provision of credit, the use of the digital euro as a store of value ~~may~~shall be subject to a limit of 500 Euros.

2024/02/21
Committee: ECON

Proposal for a regulation
Article 16

Article 16 Limits to the use of the digital euro as a store of value 1. For the purpose of Article 15(1), the European Central Bank shall develop instruments to limit the use of the digital euro as a store of value and shall decide on their parameters and use, in accordance with the framework set out in this Article. PSPs providing account servicing payment services within the meaning of Directive 2015/2366 to natural and legal persons referred to in Article 12(1) shall apply these limits to digital euro payment accounts. 2. The parameters and use of the instruments referred to in paragraph 1 shall: (a) safeguard the objectives set out in Article 15(1), in particular financial stability; (b) ensure the usability and acceptance of the digital euro as a legal tender instrument; (c) respect the principle of proportionality. 3. The parameters and use of the instruments referred to in paragraph 1 shall be applied in a non-discriminatory manner and uniformly across the euro area. 4. Any holding limits on digital euro payment accounts adopted pursuant to paragraph 1 shall apply to both offline and online holdings. Where a digital euro user uses both an offline and online digital euro, the limit that applies to online digital euro shall equal the overall limit determined by the European Central Bank minus the holding limit for offline digital euro set by digital euro users. A digital euro user may set its offline holding limit at any amount between zero and the holding limit set in accordance with Article 37. 5. Visitors to the euro area as referred to in Article 13(1), point (c), and natural and legal persons as referred to in Article 13(1), points (b), (d) and (e), shall be subject to limits as regards the use of the euro as a store of value that are not higher than the ones effectively implemented in the euro area for natural and legal persons residing or established in Member States whose currency is the euro. The parameters and use of the instruments shall be applied in a non- discriminatory manner and uniformly across Member States whose currency is not the euro. When deciding on the use of the instruments in those Member States and setting the parameters, the European Central Bank shall consult national central banks of Member States whose currency is not the euro. 6. In case a digital euro user has multiple digital euro payment accounts, the digital euro user shall specify to the payment service providers with which the digital euro payment accounts are held how the individual holding limit is to be allocated between the different digital euro payment accounts. 7. Where a digital euro payment account is held by more than one digital euro user, any holding limit on the related digital euro payment account adopted pursuant to paragraph 1 shall amount to the sum of the individual holding limits allocated to its users. 8. Within the framework of this Regulation, the digital euro shall not bear interest.deleted

2024/02/21
Committee: ECON

Proposal for a regulation
Article 16 – paragraph 7

7. Where a digital euro payment account is held by more than one digital euro user, any holding limit on the related digital euro payment account adopted pursuant to paragraph 1 shall amount to the sum of the individual holding limits allocated to its users.deleted

2024/02/21
Committee: ECON

Proposal for a regulation
Article 16 – paragraph 8

8. ~~Within the framework of this Regulation, t~~The digital euro shall not bear interest.

2024/02/21
Committee: ECON

Proposal for a regulation
Article 17 – paragraph 2 – introductory part

2. For the purpose of Article 15(2), any merchant service charge or inter-PSP fee in relation to digital euro payment transactions shall comply with the principle of proportionality. ~~Any merchant service charge or inter-PSP fee shall not exceed the lowest of the following two amounts:~~

2024/02/21
Committee: ECON

Proposal for a regulation
Article 17 – paragraph 2 – point a

~~(a) the relevant costs incurred by payment services providers for the provision of digital euro payments, including a reasonable margin of profit;~~deleted

2024/02/21
Committee: ECON

Proposal for a regulation
Article 17 – paragraph 2 – point b

~~(b) fees or charges requested for comparable digital means of payment.~~deleted

2024/02/21
Committee: ECON

Proposal for a regulation
Article 17 – paragraph 5

5. The methodology to be developed by the European Central Bank for the monitoring and the calculations of the amounts referred to in paragraphs 2 and 3 shall be based on the following parameters: (a) the amount of inter-PSP fees and merchant service charges as referred to in paragraph 2(a) shall be based on the relevant costs incurred for providing digital euro payment services by the most cost-efficient payment service providers representing collectively one fourth of digital euro distributed across the euro area in a given year, as reported to the European Central Bank by payment service providers, including a reasonable margin of profit; (b) the reasonable margin of profit included in the maximum amount referred to in paragraph 2(a), shall be calculated on the basis of the margin of profit of the payment service providers charging the lowest margin of profit representing collectively one fourth of the digital euro distributed in the euro area in a given year, as reported to the European Central Bank by payment service providers; (c) the amount of inter-PSPs fees and merchant service charges as referred to in paragraph 2(b) shall be based on a representative group of payment services providers providing comparable digital means of payment in the euro area; (d) the amounts referred to in paragraph 2 shall be uniform and applied in a non-discriminatory manner across the euro area.deleted

2024/02/21
Committee: ECON

Proposal for a regulation
Article 27 – paragraph 3

~~3. The European Central Bank shall not act as a party in any of the disputes referred to in paragraphs 1 and 2.~~deleted

2024/02/21
Committee: ECON

Proposal for a regulation
Article 28 – paragraph 1 – subparagraph 1 – introductory part

Payment service providers distributing the digital euro shall ~~provide digital euro users with the choice of using the following digital front-end services to allow digital euro users to access and us~~develop digital front-end services in order to provide digital euro payment services: to users.

2024/02/21
Committee: ECON

Proposal for a regulation
Article 28 – paragraph 1 – subparagraph 1 – point a

~~(a) front-end services developed by payment service providers; an~~deleted

2024/02/21
Committee: ECON

Proposal for a regulation
Article 28 – paragraph 1 – subparagraph 1 – point b

~~(b) front-end services developed by the European Central Bank.~~deleted

2024/02/21
Committee: ECON

Proposal for a regulation
Article 28 – paragraph 1 – subparagraph 2

~~Where a payment service provider does not offer a digital euro front-end service, a European Central Bank’s service shall be used by such payment service provider.~~deleted

2024/02/21
Committee: ECON

Proposal for a regulation
Article 28 – paragraph 2

2. Front-end services provided by the European Central bank referred to in paragraph 1, point (b), shall not provide for customer relationships, that shall solely be provided by payment service providers in their role in the digital euro distribution as laid down in Article 13 and under Directive 2015/2366. The European Central Bank shall not have access to any personal data in relation to the front-end services developed by the European Central Bank and used by the payment services providers.deleted

2024/02/21
Committee: ECON

Proposal for a regulation
Article 32 – paragraph 3 – point b a (new)

(ba) offer an information sharing arrangement in line with Article 83 (3) and 83 (4) of Regulation [PSR];

2024/02/21
Committee: ECON

Proposal for a regulation
Article 34 – paragraph 1 – subparagraph 1 – introductory part

Payment service providers perform a task in the public interest where they process personal data only for the following purposes:

2024/02/21
Committee: ECON

Proposal for a regulation
Article 34 – paragraph 3 – subparagraph 1

~~The Commission is empowered to adopt~~ delegated ~~acts in accordance with Article 38 to update the types of personal data listed in Annex III.~~

2024/02/21
Committee: ECON

Proposal for a regulation
Article 34 – paragraph 4

4. Payment service providers shall implement appropriate technical and organisational measures including state-of- the-art security and privacy-preserving measures to ensure that any data communicated to the European Central Bank and the national central banks or to providers of support services do not ~~directly~~ identify individual digital euro users.

2024/02/21
Committee: ECON

Proposal for a regulation
Article 35 – paragraph 3

~~3. The Commission is empowered to adopt~~ delegated ~~acts in accordance with Article 38 to update the types of personal data listed in Annex IV.~~

2024/02/21
Committee: ECON

Proposal for a regulation
Article 35 – paragraph 4

4. Personal data processed for tasks referred to in paragraph 1 shall be supported by appropriate technical and organisational measures including state-of- the-art security and privacy-preserving measures. This shall include the clear segregation of personal data to ensure that the European Central Bank and the national central banks cannot ~~directly~~ identify individual digital euro users.

2024/02/21
Committee: ECON

Proposal for a regulation
Article 36 – paragraph 3

~~3. The Commission is empowered to adopt~~ delegated ~~acts in accordance with Article 38 to update the types of personal data listed in Annex V.~~

2024/02/21
Committee: ECON

Proposal for a regulation
Article 36 – paragraph 4

4. The processing of personal data for the purposes referred to in paragraph 1 shall only take place when appropriate technical and organisational measures including state-of-the-art security and privacy-preserving measures are implemented to ensure that the providers of support services cannot ~~directly~~ identify individual digital euro users.

2024/02/21
Committee: ECON

Proposal for a regulation
Article 37 – title

Anti-money laundering rules applying to offline and low-value digital euro payment transactions

2024/02/21
Committee: ECON

Proposal for a regulation
Article 37 – paragraph 1

1. Payment services providers shall apply paragraphs 2 to 64 to offline digital euro payment transactions and online transactions of less than 250 Euros.

2024/02/21
Committee: ECON

Proposal for a regulation
Article 37 – paragraph 5

5. The Commission is empowered to adopt implementing acts setting offline digital euro payment transaction limits and holding limits. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 39.deleted

2024/02/21
Committee: ECON

Proposal for a regulation
Article 37 – paragraph 6

6. Transaction and holding limits shall take into account the need to prevent money laundering and terrorist financing while not unduly restricting the use of the offline digital euro as a means of payment. The Commission, when drawing up the implementing acts referred to in paragraph 5, shall take into account in particular the following: (a) an assessment of the money laundering and terrorist financing threats, vulnerabilities and risks of the digital euro when funding and defunding their payment instrument; (b) relevant recommendations and reports drawn up by international organisations and standard setters with competence in the field of preventing money laundering and combating terrorist financing; (c) the objective of ensuring the usability and acceptance of the digital euro as a legal tender instrument. For the purposes of point (a), the Commission may request AMLA to adopt an opinion assessing the level of money laundering and terrorist financing threats associated with the offline digital euro and its vulnerabilities. The Commission may consult the European Data Protection Board.deleted

2024/02/21
Committee: ECON

Proposal for a regulation
Article 40 – paragraph 2

2. Before the planned issuance of the digital euro and ahead of the implementation of any changes of the parameters and use of the instruments referred to in Article 16 or at least every three years after the issuance of the digital euro, the European Central Bank shall provide to the European Parliament, the Council and the Commission: (a) information on the instruments to limit the use of the digital euro as referred to in Article 16 and the parameters that the European Central Bank plans to adopt in view of the prevailing financial and monetary environment; (b) an analysis on how the instruments and the parameters referred to in point (a) are expected to meet the objective of safeguarding financial stability.deleted

2024/02/21
Committee: ECON

Proposal for a regulation
Article 40 – paragraph 3

3. One year after the first issuance of the digital euro and every three years thereafter, the Commission shall submit to the European Parliament and to the Council a report analysing the impact of the parameters and the use of instruments referred to in Article 16 on: (a) the role of financial intermediaries in the financing of the economy; (b) liquidity requirements laid down in Regulation 575/2013 of the European Parliament and the Council.deleted

2024/02/21
Committee: ECON

Proposal for a regulation
Article 41 – paragraph 2

2. By ~~one~~two years from the date of application of this Regulation, the Commission shall present to the European Parliament and to the Council a report on the developments of retail central bank digital currencies in Member States whose currency is not the euro and the impact of this Regulation on the internal market, accompanied where appropriate by proposals for amending legislative acts governing the use of retail central bank digital currencies across the Union. In this report, the European Commission shall in particular analyse the following aspects: (a) the appropriateness of the holding limit, including the implications for financial stability and the effect on banks' deposits and lending capacity; (b) the possibility for tokenisation of the digital euro and its usability for distributed ledger applications; (c) the potential use cases for a wholesale digital euro and the steps necessary for the introduction of a wholesale digital euro;

2024/02/21
Committee: ECON

Proposal for a regulation
Annex II – paragraph 1 – point d

(d) funding and defunding from/into cash up to 12 times a year;

2024/02/21
Committee: ECON