2023/0212(COD) Establishment of the digital euro
Lead committee dossier:
Progress: Awaiting committee decision
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON |
BERGER Stefan ( EPP)
|
TANG Paul ( S&D),
BOYER Gilles ( Renew),
HAHN Henrike ( Verts/ALE),
BECK Gunnar ( ID),
HOOGEVEEN Michiel ( ECR),
MACMANUS Chris ( GUE/NGL)
|
| Committee Opinion | LIBE |
RADEV Emil ( EPP)
|
Ondřej KOVAŘÍK ( RE),
Domènec RUIZ DEVESA ( S&D),
Cristian TERHEŞ ( ECR),
Patrick BREYER ( Verts/ALE),
Patricia CHAGNON ( ID)
|
Lead committee dossier:
Legal Basis:
RoP 57, TFEU 133
Legal Basis:
RoP 57, TFEU 133Events
2024/02/26
NL_SENATE - Contribution
Documents
2024/02/21
EP - Amendments tabled in committee
Documents
2024/02/21
EP - Amendments tabled in committee
Documents
2024/02/20
EP - Committee opinion
Documents
2024/02/09
EP - Committee draft report
Documents
2023/10/31
ECB - European Central Bank: opinion, guideline, report
Documents
2023/10/25
EP - RADEV Emil (EPP) appointed as rapporteur in LIBE
2023/10/19
EP - Committee referral announced in Parliament, 1st reading
2023/10/19
EP - Referral to associated committees announced in Parliament
2023/07/19
EP - BERGER Stefan (EPP) appointed as rapporteur in ECON
2023/06/29
EC - Document attached to the procedure
Documents
2023/06/29
EC - Document attached to the procedure
Documents
2023/06/28
EC - Legislative proposal published
Details
PURPOSE: to establish the digital euro and regulate its essential aspects to ensure the use of the euro as a single currency across the euro-area.
PROPOSED ACT: Regulation of the European Parliament and of the Council.
ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
BACKGROUND: digitalisation and new technologies are increasingly shaping European people’s lives and the European economy. With the European economy becoming more and more digital, Europeans also increasingly use private digital means of payment to transact.
Banknotes and coins - which are the only current forms of central bank money with legal tender available to the general public (including people, public authorities and businesses) – alone cannot support the EU’s economy in the digital age. Their use in payments therefore diminishes as online purchases increase and payment habits of the general public shift towards the large variety of private digital means of payment offered in the EU. This puts at stake the desirable balance between central bank money and private digital means of payment. This trend could even be reinforced in the future, with the emergence of third country central bank digital currencies (CBDC) and stablecoins issued by private firms, which could challenge the role of the euro in payments, in the EU and outside.
To address the need of a rapidly digitalising economy, the proposed digital euro should support a variety of use cases of retail payments . Those use case include person to person, person to business, person to government, business to person, business to business, business to government, government to person, government to business, and government to government payments. In addition, the digital euro should also be able to fulfil future payments needs, and in particular machine to machine payment in the context of Industry 4.0 and payments in the decentralised internet (web3).
CONTENT: the Commission proposal sets out the legal framework and essential elements of the digital euro, which would enable the European Central Bank to eventually introduce a digital euro that is widely usable and available. It will be for the ECB to decide if and when to issue the digital euro.
The proposal establishes the digital euro and lays down rules concerning in particular its legal tender status, distribution, use, and essential technical features.
Objective
The objective of this proposal is to ensure that central bank money with the status of legal tender remains available to the general public, while offering a state-of-the-art and cost-efficient payment means, ensuring a high level of privacy in digital payments, maintaining financial stability and promoting accessibility and financial inclusion.
Legal tender status
The digital euro is granted legal tender status which entails inter alia its mandatory acceptance by payees, unless otherwise provided in the Regulation. The proposal defines a set of exceptions to the obligation to accept the digital euro. This set of exceptions includes the right for a microenterprise not to accept the digital euro , unless it accepts comparable digital means of payment. Similarly, a natural person acting in the course of a purely personal activity is not obliged to accept the digital euro.
Distribution
All payment services providers (PSPs) authorised in the EU may provide digital euro payment services, including additional digital euro payment services, in addition to basic digital euro payment services. Payment service providers do not need an additional authorisation from their competent authorities to provide digital euro payment services. For the purpose of distributing the digital euro, payment service providers need to enter into a contractual relationship with digital euro users. A contractual relationship between digital euro users and the European Central Bank is excluded. Digital euro users may have one or several digital euro payment accounts , held at the same or at a different payment service provider.
The provision of digital euro services by PSPs is limited to (i) natural or legal persons residing or established in the Member States whose currency is the euro, (ii) natural or legal persons who opened a digital euro account at the time they resided or were established in the Member States whose currency is the euro, but no longer reside or are established in such Member States, (iii) visitors, (iv) natural or legal persons residing or established in Member States whose currency is not the euro, and (v) natural or legal persons residing or established in third countries, including territories under a monetary agreement with the European Union.
Access to and use of the digital euro outside the euro area
The proposal lays down rules governing the access to and the use of the digital euro outside the euro area, which depend on whether natural and legal persons reside or are established in a non-euro area Member States or in a third country.
Rules on cross-currency payments between the digital euro and local currencies are laid down. They should be subject to a prior arrangement between the European Central Bank and the non-euro area national Central Banks.
Technical features
The digital euro will be designed in a way that facilitates its use by the general public, including financially excluded persons or persons at risk of financial inclusion, persons with disabilities, functional limitations or limited digital skills, and older persons.
Digital euro users will not be required to have a non-digital euro payment account. The digital euro should be available for digital euro payment transactions both offline and online .
The digital euro will not be programmable money and would therefore not be used to limits its spending to or direct it at specific goods or services: as a digital form of the single currency, it should be fully fungible .
Reporting
The European Central Bank will report on the digital euro as part of its regular reporting obligations. Furthermore, it will specifically report to the Parliament, to the Council and to the European Commission on the instruments to limit the use of the digital euro as a store of value as well as their parameters, in relation to the objective to safeguard financial stability, no later than 6 months before the planned issuance of the digital euro, and at regular intervals afterwards.
Documents
Documents
- Contribution: COM(2023)0369
- Amendments tabled in committee: PE759.666
- Amendments tabled in committee: PE759.657
- Committee opinion: PE754.988
- Committee draft report: PE758.954
- European Central Bank: opinion, guideline, report: CON/2023/0034
- European Central Bank: opinion, guideline, report: OJ C 000 12.01.2024, p. 0000
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2023)0233
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2023)0234
- Legislative proposal published: COM(2023)0369
- Legislative proposal published: EUR-Lex
- Document attached to the procedure: EUR-Lex SWD(2023)0233
- Document attached to the procedure: EUR-Lex SWD(2023)0234
- European Central Bank: opinion, guideline, report: CON/2023/0034 OJ C 000 12.01.2024, p. 0000
- Committee draft report: PE758.954
- Committee opinion: PE754.988
- Amendments tabled in committee: PE759.666
- Amendments tabled in committee: PE759.657
- Contribution: COM(2023)0369
| Amendments | Dossier |
| 850 |
2023/0212(COD)
2023/12/11
LIBE
244 amendments...
Amendment 100 #
Proposal for a regulation Article 13 – paragraph 4 – subparagraph 1 – point b (b) to make an online digital euro payment transaction where the transaction
Amendment 101 #
Proposal for a regulation Article 13 – paragraph 4 – subparagraph 2 For the purpose of points (a) and (b), and upon p
Amendment 102 #
Proposal for a regulation Article 13 – paragraph 4 – subparagraph 2 For the purpose of points (a) and (b), and upon p
Amendment 103 #
Proposal for a regulation Article 13 – paragraph 6 a (new) 6 a. In case a payment service provider providing digital euro payment services enters into insolvency or other similar proceedings, the digital euro holdings of digital euro users would not be affected.
Amendment 104 #
Proposal for a regulation Article 14 – paragraph 3 – point a (a) provide basic digital euro payment services to natural persons
Amendment 105 #
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)
Amendment 106 #
Proposal for a regulation Article 14 – paragraph 3 – point b (b) provide basic digital payment services and provide digital inclusion support provided face-to-face in physical proximity to
Amendment 107 #
Proposal for a regulation Article 14 – paragraph 3 a (new) 3 a. 3a. Member States shall ensure sufficient and effective access to the entities referred to in the first subparagraph throughout their territory, in all their different regions, including urban and non-urban areas. Member States shall determine the number and geographical distribution of entities on the basis of common indicators adopted by the Commission by delegated acts.
Amendment 108 #
Proposal for a regulation Article 14 – paragraph 3 b (new) 3 b. 3b. Member States shall ensure a high level of quality of the support provided and a service which is targeted to the needs of vulnerable consumers. Member States shall assess the quality of advice on the basis of common indicators adopted by the Commission by delegated acts.
Amendment 109 #
Proposal for a regulation Article 14 – paragraph 5 5. The
Amendment 110 #
Proposal for a regulation Article 14 – paragraph 5 5. The anti-money laundering authority of the Union (‘AMLA’) established under Regulation (EU) [please insert reference - proposal for a Regulation creating an EU Authority for anti-money laundering and countering the financing of terrorism (‘AMLA’) - COM/2021/421 final)] and the European Banking Authority shall jointly issue guidelines specifying the interaction between AML/CFT requirements and the provision of basic digital euro payment services with a particular focus on financial inclusion of
Amendment 111 #
Proposal for a regulation Article 14 – paragraph 5 a (new) 5 a. Supervisors may, directly or in collaboration with other authorities in that Member State, exempt obliged entities from conducting, in full or in part, the customer due diligence measures referred to under Article 16(1), points (a) to (c) of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final] with respect to the offline version of the digital euro on the basis of the proven low risk posed by the nature of the product.
Amendment 112 #
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, the use of the digital euro as a store of value
Amendment 114 #
Proposal for a regulation Article 16 – paragraph 1 1. For the purpose of Article 15(1),
Amendment 115 #
Proposal for a regulation Article 16 a (new) Article 16a Use of the digital euro as a store of value Within the framework of this Regulation, the digital euro shall not bear interest.
Amendment 116 #
Proposal for a regulation Article 17 – paragraph 4 4. The European Central Bank may require payment service providers to provide all information necessary for the application of this Article and to verify compliance with it. Any information requested shall be sent by payment service
Amendment 117 #
Proposal for a regulation Article 17 – paragraph 4 4. The European Central Bank may require payment service providers to provide
Amendment 118 #
Proposal for a regulation Article 17 – paragraph 4 a (new) 4 a. Where the information referred to in paragraph 4 concerns personal data, the European Central Bank shall require only the data that is strictly necessary for the purposes of the processing, and in full implementation of the principle of data minimisation. The requests for information by the ECB shall always be in writing, reasoned and occasional, and shall not concern the entirety of a filing system or lead to the interconnection of filing systems.
Amendment 119 #
Proposal for a regulation Article 18 – paragraph 1 1. Payment service providers may only distribute the digital euro to natural and legal persons residing or established in a Member State whose currency is not the euro if the European Central Bank and the national central bank of that Member State have signed an arrangement to that effect. Under such arrangement, natural and legal persons residing or established in that Member State wishing to become digital euro users shall receive the same conditions and opportunities for the use of the digital euro as digital euro users in Member States whose currency is the euro.
Amendment 120 #
Proposal for a regulation Article 19 – paragraph 3 3. The agreement between the Union and the third country shall specify the necessary implementing measures and procedures, and the cases under which the agreement may be restricted, suspended, or terminated, in particular where the third country has been identified as a third country with significant strategic deficiencies in its national anti-money laundering and combating the financing of terrorism regime as referred to in Article 23 of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final] or as a third country with compliance weaknesses in its national anti-money laundering and combating the financing of terrorism regime as referred to in Article 24 of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final] ] or as a third country posing a threat to the Union’s financial system as referred to in Article 25 of Regulation [insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final]. . That agreement shall be complemented by an arrangement between the European Central Bank and the national central bank and, where appropriate, the national competent authority of the third country.
Amendment 121 #
Proposal for a regulation Article 22 – paragraph 2 2. In their relationships with their payment services providers for the provision of digital euro payment services, digital euro users shall not be required to
Amendment 122 #
Proposal for a regulation Article 23 – paragraph 3 3. Before initiating a digital euro payment transaction
Amendment 123 #
Proposal for a regulation Article 25 Amendment 124 #
Proposal for a regulation Article 25 Amendment 125 #
Proposal for a regulation Article 26 – paragraph 1 The European Central Bank shall seek to ensure to the extent possible the interoperability of standards governing digital euro payment services with relevant standards governing private digital means of payment. The European Central Bank shall seek to enable and encourage, to the extent possible
Amendment 126 #
Proposal for a regulation Article 26 – paragraph 2 Amendment 127 #
Proposal for a regulation Article 27 – paragraph 2 2. The European Central Bank and the national central banks may make mechanisms available for payment services providers to facilitate the exchange of messages for the resolution of disputes. To this purpose, transaction data shall be pseudonymised. Those mechanisms may be operated directly by the European Central Bank or by the providers of support services designated by the European Central Bank.
Amendment 128 #
Proposal for a regulation Article 30 – paragraph 2 2. Final settlement of online digital euro payment transactions shall occur at the moment of recording the transfer of the digital euros concerned from the payer to the payee in the digital euro settlement infrastructure approved by the Eurosystem. The settlement infrastructure shall be designed in such a way that neither the European Central Bank nor national central banks can attribute data to an identified or identifiable digital euro user.
Amendment 129 #
Proposal for a regulation Article 30 – paragraph 3 a (new) 3 a. The settlement infrastructure shall be developed in compliance with to the principles of data protection by design and by default, as defined in Regulation (EU) 2016/679, and with appropriate safeguards.
Amendment 130 #
Proposal for a regulation Article 31 – paragraph 1 1. Payment service providers shall enable digital euro users at their request to switch their digital euro payment accounts free of charge to other payment service providers while maintaining the same account identifiers.
Amendment 131 #
Proposal for a regulation Article 31 – paragraph 2 2. In exceptional circumstances where a payment service provider is operationally not in a position to provide digital euro payment services to digital euro users for a prolonged period of time, or has lost the digital euro payment account-related data concerned, the European Central Bank and national central banks may authorise the switching of digital euro payment accounts held with that payment service provider to another payment service provider designated by the digital euro user. That switching shall enable the new payment service provider to complete the switching without relying on the unavailable payment service provider. The switching service shall not result in data access by the European Central Bank and national central banks under normal circumstances.
Amendment 132 #
Proposal for a regulation Article 32 – paragraph 1 1. The European Central Bank may facilitate the fraud detection and prevention tasks that payment service providers shall perform under Directive 2015/2366 by establishing a general fraud detection and prevention mechanism for online digital
Amendment 133 #
Proposal for a regulation Article 32 – paragraph 2 2. The European Central Bank
Amendment 134 #
Proposal for a regulation Article 32 – paragraph 4 4. For the purpose of this Article, payment service providers shall provide the fraud detection and prevention mechanism with information referred to in Annex
Amendment 135 #
Proposal for a regulation Article 32 – paragraph 4 4. For the purpose of this Article,
Amendment 136 #
Proposal for a regulation Article 32 – paragraph 4 4. For the purpose of this Article, payment service providers shall provide the fraud detection and prevention mechanism with information referred to in Annex 5. Payment service providers shall implement appropriate technical and organisational measures including state-of-the-art security and privacy-preserving measures to ensure that the support service shall not be able to directly or indirectly identify the digital euro users on the basis of the information provided to the fraud detection and prevention mechanism.
Amendment 137 #
Proposal for a regulation Article 33 – paragraph 1 1. Without prejudice to Article 6 paragraph (7) of Regulation (EU) 2022/1925 of the European Parliament and of the Council of 14 September 2022 on contestable and fair markets in the digital sector and amending Directives (EU) 2019/1937 and (EU) 2020/1828, original equipment manufacturers of mobile devices and providers of electronic communication services within the meaning of Article 2 (1) Directive (EU) 2018/197247 shall allow providers of front end services
Amendment 138 #
Proposal for a regulation Article 33 – paragraph 3 a (new) 3 a. For the purpose of fraud detection and prevention, payment service providers and the European Central Bank shall take into account the principles of data protection by design and by default, as defined in Regulation (EU) 2016/679 ensuring that the processing of personal data is carried out in such a manner that the personal data can no longer be attributed to an individual digital euro user without the use of additional information
Amendment 139 #
Proposal for a regulation Article -34 (new) Article-34 1. Transaction data shall only be processed for the purposes described in Articles 34, 35, 36, 37. Processing of transaction data shall respect the principles of data minimisation, and data protection by design and by default and shall be carried out in such a manner that the personal transaction data can not be attributed to an individual without the use of additional information in accordance with Regulation (EU) 2016/679. 2. The user shall be informed at the earliest point in time or at the latest when the investigation is concluded about account reidentification without the user's consent that was conducted by the fraud detection unit, the anti-money laundering unit, the ECB or any other EU law enforcement entity or public agency.
Amendment 140 #
Proposal for a regulation Article 34 – paragraph 1 – subparagraph 1 – introductory part Payment service providers
Amendment 141 #
Proposal for a regulation Article 34 – paragraph 1 – subparagraph 1 – introductory part Payment service providers perform a task in the public interest, in accordance with Article 6(1)(e) of Regulation 2016/679, where they process personal data for the following purposes:
Amendment 142 #
Proposal for a regulation Article 34 – paragraph 1 – subparagraph 1 – introductory part Payment service providers perform a task
Amendment 143 #
Proposal for a regulation Article 34 – paragraph 1 – subparagraph 1 – introductory part Payment service providers perform a task in
Amendment 144 #
Proposal for a regulation Article 34 – paragraph 1 – subparagraph 1 – introductory part Payment service providers
Amendment 145 #
Proposal for a regulation Article 34 – paragraph 1 – subparagraph 1 – point a Amendment 146 #
Proposal for a regulation Article 34 – paragraph 1 – subparagraph 1 – point a (a)
Amendment 147 #
Proposal for a regulation Article 34 – paragraph 1 – subparagraph 1 – point a (a) the enforcement of limits,
Amendment 148 #
Proposal for a regulation Article 34 – paragraph 1 – subparagraph 1 – point c Amendment 149 #
Proposal for a regulation Article 34 – paragraph 1 – subparagraph 1 – point c (c)
Amendment 150 #
Proposal for a regulation Article 34 – paragraph 1 – subparagraph 1 – point c (c) the provision of offline digital euro,
Amendment 151 #
Proposal for a regulation Article 34 – paragraph 1 – subparagraph 1 a (new) By derogation from the Regulation (EU) [please insert reference – proposal for a Regulation on payment services in the internal market and amending Regulation (EU) No 1093/2010 - COM(2023) 367 final], personal data on digital euro accounts shall not be used, accessed or stored by third parties.
Amendment 152 #
Proposal for a regulation Article 34 – paragraph 1 – subparagraph 1 a (new) For low value online digital euro payment transactions, the processing of personal data by payment service providers shall occur only within the limits and purposes laid out in Article 37.
Amendment 153 #
Proposal for a regulation Article 34 – paragraph 1 – subparagraph 2 For the provision of offline digital euro, the processing of personal data by payment service providers is limited to funding and defunding in accordance with Article 37 paragraphs 3, 4 and 5. In case payment service providers use data they processed for profiling or other activities that do not fall under the purposes of articles 34, 35, 36, 37 or are retained longer than it is legally permitted, the sanction regime of the Regulation (EU) 2016/679 applies.
Amendment 154 #
Proposal for a regulation Article 34 – paragraph 1 a (new) 1 a. For any other processing activity that the payment service provider carries out regarding the provision of the digital euro, the processing will be based on the performance of a contract between the digital euro user and the payment service provider. In the event that the processing involves special categories of personal data, then it shall be necessary to obtain consent from the data subject
Amendment 155 #
Proposal for a regulation Article 34 – paragraph 2 2. For the purposes referred to in paragraph 1 (a) to (c), of this Article, Annex III lays down the types of personal data
Amendment 156 #
Proposal for a regulation Article 34 – paragraph 2 a (new) 2 a. The Commission is empowered to adopt delegated acts in accordance with Article 38 to clarify the purposes of processing personal data by the payment service providers in paragraph 1 (a) and (c) of this Article, in order to come to a complete and closed list of purposes for processing personal data in this paragraph.
Amendment 157 #
Proposal for a regulation Article 34 – paragraph 3 – subparagraph 1 Amendment 158 #
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, in order to come to a complete and closed list of personal data to be processed for the stated purpose.
Amendment 159 #
Proposal for a regulation Article 34 – paragraph 3 – subparagraph 2 Amendment 160 #
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. In particular, such measures should ensure that personal data are pseudonymised in such a manner that these data can no longer be attributed by the European Central Bank or the national central banks to an individual digital euro user without the use of additional information. More broadly, when implementing these technical and organisational measures, payment service providers shall take into account principles of data protection by design and by default, as defined in Regulation (EU) 2016/679.
Amendment 161 #
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
Amendment 162 #
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 or indirectly identify individual digital euro users.
Amendment 163 #
Proposal for a regulation Article 34 – paragraph 4 a (new) Amendment 164 #
Proposal for a regulation Article 34 – paragraph 4 a (new) 4 a. The European Data Protection Board, after consulting the European Central Bank, shall issue guidelines on the implementation of appropriate technical and organisation measures including of anonymisation techniques
Amendment 165 #
Proposal for a regulation Article 34 – paragraph 4 b (new) 4 b. For the purpose of authentication and identification and in line with the principles of data minimisation and privacy by design and by default as laid down in 2016/679/EU, payment service providers shall provide by default authentication and identification methods which do not rely on biometric data.
Amendment 166 #
Proposal for a regulation Article 34 – paragraph 4 b (new) 4 b. No further processing of personal data shall be allowed.
Amendment 167 #
Proposal for a regulation Article 34 – paragraph 4 c (new) 4 c. For the purpose of authentication and identification, and in line with the principles of data minimisation and data protection by design and by default as laid down in 2016/679/EU, payment service providers shall provide, by default, authentication and identification methods that do not rely on biometric data
Amendment 168 #
Proposal for a regulation Article 34 a (new) Article 34a Payment Service Providers, the European Central bank and national central banks shall implement appropriate technical and organisational measures to ensure that the processing of personal data is carried out in such a manner that the personal data can no longer be attributed to an individual digital euro user without the use of additional information in accordance with Article 4 (5) GDPR.
Amendment 169 #
Proposal for a regulation Article 35 – paragraph 1 – introductory part 1. The European Central Bank and the national central banks perform a task in the public interest or exercise official authority, on the basis of Article 6.(1).(e) Regulation 2016/679 or Article 5.(1).(a) 2018/1725, where they process personal data for the following purposes:
Amendment 170 #
Proposal for a regulation Article 35 – paragraph 1 – introductory part 1. The European Central Bank and the national central banks perform a task in the public interest or exercise official authority, in accordance with Article 6(1)(e) of Regulation 2016/679, where they process personal data for the
Amendment 171 #
Proposal for a regulation Article 35 – paragraph 1 – introductory part 1. The European Central Bank and the national central banks perform a task in the public interest or exercise official authority where they may process personal data for the following purposes:
Amendment 172 #
Proposal for a regulation Article 35 – paragraph 1 – point c (c) safeguarding the security and integrity of the digital euro settlement infrastructure
Amendment 173 #
Proposal for a regulation Article 35 – paragraph 1 – subparagraph 1 (new) These shall be the only activities that the ECB and the national central banks will be able to carry out within the context of this Proposal
Amendment 174 #
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, in order to come to a complete and closed list of personal data to be processed for the stated purpose.
Amendment 175 #
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 or indirectly identify individual digital euro users. The Eurosytem shall be obliged to provide for the segregation of data in the local storage device in relation to offline and low-value online transactions. Transaction data shall be isolated and shall not be exported out of the device.
Amendment 176 #
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 or indirectly identify individual digital euro users.
Amendment 177 #
Proposal for a regulation Article 35 – paragraph 4 a (new) 4 a. Providers of support services designated under this Article shall be subject to the Directive and Regulation on digital operational resilience for the financial sector
Amendment 178 #
Proposal for a regulation Article 35 – paragraph 5 5. The European Central Bank shall be considered the controller of personal data under as regards to the purposes referred to in paragraphs 1 and 8 of this Article. When the European Central Bank carries out a task referred to in paragraphs 1 and 8 jointly with the national central banks, they shall be joint controllers for that task. The European Central Bank and the national central banks will be data controllers jointly with the payment service providers and support service providers.
Amendment 179 #
Proposal for a regulation Article 35 – paragraph 5 5. The European Central Bank shall be considered the controller of personal data
Amendment 180 #
Proposal for a regulation Article 35 – paragraph 6 a (new) 6 a. European Central Bank shall, in cooperation with Payment Service Providers, take all necessary measures to ensure the effectiveness of data subjects' rights under the General Data Protection Regulation
Amendment 181 #
Proposal for a regulation Article 35 – paragraph 7 7. Where the European Central Bank decides not to confer tasks referred to in Articles 27 and 32 upon providers of support services, the European Central Bank may process the types of personal data referred to in Annex 5 subject to the requirements referred to in paragraph 4 of this Article. Moreover, the European Central bank and national central banks shall implement appropriate technical and organisational measures to ensure that the processing of personal data is carried out in such a manner that the personal data can no longer be attributed to an individual digital euro user without the use of additional information in accordance with Article 4 (5) GDPR.
Amendment 182 #
Proposal for a regulation Article 35 – paragraph 7 7. Where the European Central Bank decides not to confer tasks referred to in Articles 27 and 32 upon providers of support services, the European Central Bank may process the types of personal data referred to in Annex
Amendment 183 #
Proposal for a regulation Article 35 – paragraph 8 8. For purpose of
Amendment 184 #
Proposal for a regulation Article 36 – paragraph 1 – introductory part 1. Where the European Central Bank decides to confer tasks referred to in Article 27 and 32 upon providers of support services, providers of support services shall provide payment-related services across PSPs. In such a situation, payment service providers
Amendment 185 #
Proposal for a regulation Article 36 – paragraph 1 – introductory part 1. Where the European Central Bank decides to confer tasks referred to in Article 27 and 32 upon providers of support services, providers of support services shall provide payment-related services across PSPs. In such a situation, payment service providers perform a task in the public interest, in accordance with Article 6(1)(e) of Regulation 2016/679, where they process personal data for the following purposes:
Amendment 186 #
Proposal for a regulation Article 36 – paragraph 1 – introductory part 1. Where the European Central Bank decides to confer tasks referred to in Article 27 and 32 upon providers of support services, providers of support services shall provide payment-related services across PSPs. In such a situation, payment service providers perform a task in the public interest, relying on Article 6.1.(e) Regulation 2016/679, where they process personal data for the following purposes:
Amendment 187 #
Proposal for a regulation Article 36 – paragraph 1 – introductory part 1. Where the European Central Bank decides to confer tasks referred to in Article 27 and 32 upon providers of support services, providers of support services shall provide payment-related services across PSPs. In such a situation, payment service providers shall solely process personal data where they perform a task in the public interest,
Amendment 188 #
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, in order to come to a complete and closed list of personal data to be processed for the stated purpose.
Amendment 189 #
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
Amendment 190 #
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 or indirectly identify individual digital euro users.
Amendment 191 #
Proposal for a regulation Article 36 – paragraph 4 a (new) 4 a. Providers of support services designated under this Article shall be subject to [the Directive and Regulation on digital operational resilience for the financial sector].
Amendment 192 #
Proposal for a regulation Article 36 – paragraph 5 Amendment 193 #
Proposal for a regulation Article 36 a (new) Amendment 194 #
Proposal for a regulation Article 36 a (new) Article 36a The digital euro user shall be in full control of the digital euro wallet and their data. The technical architecture shall make it impossible for the issuer of the digital euro front- and backend or third- party services connected to them or the European Central Bank, National Competent Authorities or Payment Service Providers to collect or obtain information about the usage. The processing of transaction data shall not allow to track, link, correlate or otherwise obtain knowledge of transactions or user behavior. Personal data relating to the provision of the digital euro shall be kept physically and logically separate from any other data held.
Amendment 195 #
Proposal for a regulation Article 36 b (new) Article 36b 1. Data about payment transactions of the digital euro shall only be processed for purposes contained in an exhaustive list and not for commercial purposes or shared with third parties within the open banking framework. 2. The only purposes for which payment data shall be processed are those described in Articles 34-37. 3. In the case a user of the digital euro is reidentified based on pseudonymous data without their consent by the fraud detection unit, the anti-money laundering unit, the ECB or any other law enforcement or public agency, that user has to be informed about their re- identification and its circumstances at the earliest point in time or at the latest when the investigation is concluded.
Amendment 196 #
Proposal for a regulation Article 37 – title Anti-money laundering rules applying to low-value online and offline digital euro payment transactions
Amendment 197 #
Proposal for a regulation Article 37 – paragraph 1 1. Payment services providers shall apply paragraphs 2 to 6 to low value online digital euro payment transactions and offline digital euro payment transactions.
Amendment 198 #
Proposal for a regulation Article 37 – paragraph 2 2. Transaction data shall not be
Amendment 199 #
Proposal for a regulation Article 37 – paragraph 2 2. Transaction data shall not be
Amendment 200 #
Proposal for a regulation Article 37 – paragraph 2 2.
Amendment 201 #
Proposal for a regulation Article 37 – paragraph 2 2.
Amendment 202 #
2. Transaction data shall not be
Amendment 203 #
Proposal for a regulation Article 37 – paragraph 3 Amendment 204 #
Proposal for a regulation Article 37 – paragraph 4 Amendment 205 #
Proposal for a regulation Article 37 – paragraph 5 Amendment 206 #
Proposal for a regulation Article 37 – paragraph 5 5. The Commission is empowered to adopt
Amendment 207 #
Proposal for a regulation Article 37 – paragraph 6 Amendment 208 #
Proposal for a regulation Article 37 – paragraph 6 – subparagraph 1 – introductory part 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
Amendment 209 #
Proposal for a regulation Article 37 – paragraph 6 – subparagraph 1 – point c a (new) (c a) the objective of preserving the right to the protection of personal data and privacy in carrying out payments.
Amendment 210 #
Proposal for a regulation Article 37 – paragraph 6 – subparagraph 1 – point c a (new) (c a) (d) the objective of introducing a payment instrument offering a similar level of privacy than cash.
Amendment 211 #
Proposal for a regulation Article 37 – paragraph 6 – subparagraph 2 For the purposes of point (a), the Commission
Amendment 212 #
Proposal for a regulation Article 37 – paragraph 6 – subparagraph 2 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
Amendment 213 #
Proposal for a regulation Article 37 – paragraph 6 – subparagraph 2 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
Amendment 215 #
Proposal for a regulation Article 38 – paragraph 2 2. The power to adopt delegated acts referred to in Articles 11, 3
Amendment 216 #
Proposal for a regulation Article 38 – paragraph 3 3. The power to adopt the delegated acts referred to in Articles 11, 3
Amendment 217 #
Proposal for a regulation Article 38 – paragraph 3 a (new) 3 a. When adopting delegated acts pursuant to Article 34 or Article 35 of this Regulation, the European Commission shall consult the European Data Protection Supervisor and European Data Protection Board as laid down in Article 42 of the Regulation (EU) 2018/1725 on the protection of natural persons with regard to the processing of personal data by the Union institutions, bodies, offices and agencies and on the free movement of such data, and repealing Regulation (EC) No 45/2001 and Decision No 1247/2002/EC.
Amendment 218 #
Proposal for a regulation Article 38 – paragraph 4 4. Before adopting a delegated act, the Commission shall consult the European Data Protection Supervisor pursuant to Article 42 of Regulation (EU) 2018/1725 and experts designated by each Member State in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making.
Amendment 219 #
Proposal for a regulation Article 38 – paragraph 6 6. A delegated act adopted pursuant to Articles 11, 3
Amendment 220 #
Proposal for a regulation Annex II – paragraph 1 – point a (a) opening, holding
Amendment 221 #
(c)
Amendment 222 #
Proposal for a regulation Annex II – paragraph 1 – point d a (new) (d a) Offline digital euro payment transactions;
Amendment 223 #
Proposal for a regulation Annex II – paragraph 1 – point e – introductory part (e) initiation and reception of digital euro payment transactions by means of an electronic payment instrument, to the exclusion of conditional digital euro payment transactions other than standing orders and direct debits, in the following use cases:
Amendment 224 #
Proposal for a regulation Annex II – paragraph 1 – point g a (new) (g a) access to the dispute mechanism as laid down Article 27.
Amendment 225 #
Proposal for a regulation Annex II – paragraph 1 – point g b (new) (g b) digital inclusion support as laid down in Article 14.
Amendment 226 #
Proposal for a regulation Annex III – point 1 – introductory part 1. For the purpose of point (a) of Article 34(1), processing of personal data shall be limited to:
Amendment 227 #
Proposal for a regulation Annex III – point 1 – point iii (iii)
Amendment 228 #
Proposal for a regulation Annex III – point 1 – point iii (iii)
Amendment 229 #
Proposal for a regulation Annex III – point 1 – point iii (iii) information on digital euro payment accounts
Amendment 230 #
Proposal for a regulation Annex III – point 1 – point iv (iv)
Amendment 231 #
Proposal for a regulation Annex III – point 1 – point iv (iv)
Amendment 232 #
Proposal for a regulation Annex III – point 1 – point iv (iv) information on online digital euro payment transactions,
Amendment 233 #
Proposal for a regulation Annex III – point 2 – introductory part 2. For the purpose of point (b) of Article 34(1), processing of personal data shall be limited to:
Amendment 234 #
Proposal for a regulation Annex III – point 2 – point iii (iii)
Amendment 235 #
Proposal for a regulation Annex III – point 2 – point iii (iii)
Amendment 236 #
Proposal for a regulation Annex III – point 2 – point iii (iii) information on digital euro payment accounts,
Amendment 237 #
Proposal for a regulation Annex III – point 2 – point iv (iv)
Amendment 238 #
Proposal for a regulation Annex III – point 2 – point iv (iv)
Amendment 239 #
Proposal for a regulation Annex III – point 2 – point iv (iv) information of non-digital euro payment accounts,
Amendment 240 #
Proposal for a regulation Annex III – point 3 Amendment 241 #
Proposal for a regulation Annex III – point 3 – introductory part 3. For the purpose of point (c) of Article 34(1), processing of personal data shall be limited to:
Amendment 242 #
Proposal for a regulation Annex III – point 3 – point i (i)
Amendment 243 #
Proposal for a regulation Annex III – point 3 – point i (i) the user identifier
Amendment 244 #
Proposal for a regulation Annex III – point 3 – point ii (ii)
Amendment 245 #
Proposal for a regulation Annex III – point 3 – point ii (ii) information on the local storage device,
Amendment 246 #
Proposal for a regulation Annex III – point 3 a (new) Amendment 247 #
Proposal for a regulation Annex III – point 3 b (new) 3 b. For the purpose of point (e) of Article 34(1), processing shall be limited to: (i) ###
Amendment 248 #
Proposal for a regulation Annex IV – point 1 Amendment 249 #
Proposal for a regulation Annex IV – point 1 – point i (i)
Amendment 250 #
Proposal for a regulation Annex IV – point 1 – point i (i) information on digital euro payment accounts,
Amendment 251 #
Proposal for a regulation Annex IV – point 1 – point ii (ii)
Amendment 252 #
Proposal for a regulation Annex IV – point 1 – point ii (ii) information on online digital euro payment transactions. information linked to an unique digital euro payment account number,
Amendment 253 #
Proposal for a regulation Annex IV – point 2 – introductory part 2. For the purpose of point (b) of Article 35(1), processing of personal data shall be limited to:
Amendment 254 #
Proposal for a regulation Annex IV – point 2 – point i (i)
Amendment 255 #
Proposal for a regulation Annex IV – point 2 – point i (i)
Amendment 256 #
Proposal for a regulation Annex IV – point 2 – point iv Amendment 257 #
Proposal for a regulation Annex IV – point 2 – point iv Amendment 258 #
Proposal for a regulation Annex IV – point 3 3. For the purpose of point (c) of Article 35(1), processing shall be limited to the data required for counterfeit analysis of offline digital euro payment transactions:
Amendment 259 #
Proposal for a regulation Annex IV – point 3 3. For the purpose of point (c) of Article 35(1), processing shall be limited to the data required for counterfeit analysis of offline digital euro payment transactions:
Amendment 260 #
Proposal for a regulation Annex IV – point 3 3. For the purpose of point (c) of Article 35(1), processing
Amendment 261 #
Proposal for a regulation Annex IV – point 4 – introductory part 4. For the purposes of points (d) and (e) of Article 35(1), and the single access point referred to in Article 3
Amendment 262 #
Proposal for a regulation Annex IV – point 4 – point ii Amendment 263 #
Proposal for a regulation Annex IV – point 4 – point ii Amendment 264 #
Proposal for a regulation Annex IV – point 4 – point iii (iii)
Amendment 265 #
Proposal for a regulation Annex IV – point 4 – point iii (iii)
Amendment 266 #
Proposal for a regulation Annex IV – point 4 – point iii (iii) information on digital euro payment accounts,
Amendment 267 #
Proposal for a regulation Annex V – paragraph 1 – introductory part For the purposes of point (a) of Article 36(1), processing
Amendment 268 #
Proposal for a regulation Annex V – paragraph 1 – point i (i)
Amendment 269 #
Proposal for a regulation Annex V – paragraph 1 – point i (i)
Amendment 270 #
Proposal for a regulation Annex V – paragraph 1 – point i (i) information on digital euro
Amendment 271 #
Proposal for a regulation Annex V – paragraph 1 – point ii (ii)
Amendment 272 #
Proposal for a regulation Annex V – paragraph 1 – point ii (ii)
Amendment 273 #
Proposal for a regulation Annex V – paragraph 1 – point ii (ii) information on online digital euro payment transactions,
Amendment 274 #
Proposal for a regulation Annex V – paragraph 1 – point iii (iii) the device internet protocol address-range providing information on the transaction session of a digital euro user
Amendment 275 #
Proposal for a regulation Annex V – paragraph 1 – point iii (iii) the device internet protocol address-range providing information on the transaction session of a digital euro user
Amendment 276 #
Proposal for a regulation Annex V – paragraph 1 – point iii (iii) information on the transaction
Amendment 277 #
Proposal for a regulation Annex V – paragraph 1 a (new) For the purposes of Article 27(2), processing shall be limited to the data required for the prevention and detection of fraud across payment service providers: (i) ###
Amendment 34 #
Proposal for a regulation Recital 4 (4) To address the need of a rapidly digitalising economy, the digital euro should support a variety of use cases of retail payments under 50 euros. Those use case include person to person, person to business, person to government, business to person, business to business, business to government, government to person, government to business, and government to government payments. In addition, the digital euro should also be able to fulfil future payments needs, and in particular machine to machine payment in the context of Industry 4.0 and payments in the decentralised internet (web3). The digital euro should not cater for payments between financial intermediaries, payment service providers and other market participants (that is to say wholesale payments), for which settlement systems in central bank money exist and where the use of different technologies is being further investigated by the Eurosystem.
Amendment 35 #
Proposal for a regulation Recital 6 (6) The digital euro should complement euro banknotes and coins and should not replace the physical forms of the single currency. As legal tender instruments, both cash and digital euro are
Amendment 36 #
Proposal for a regulation Recital 6 (6) The digital euro should complement euro banknotes and coins and should not replace the physical forms of the single currency. Individuals should have the right to decide which form of euro denominated legal tender they wish to use. As legal tender instruments, both cash and digital euro are equally important. Regulation (EU) [please insert reference – proposal for a Regulation on the legal tender of euro banknotes and coins - COM/2023/364] would harmonise legal tender for cash and ensure that cash is widely distributed and effectively used.
Amendment 37 #
Proposal for a regulation Recital 6 (6) The digital euro should complement euro banknotes and coins and should not replace the physical forms of the single currency. As legal tender instruments, both cash and digital euro are equally important for payments over 50 euros. Regulation (EU) [please insert reference – proposal for a Regulation on the legal tender of euro banknotes and coins - COM/2023/364] would harmonise legal tender for cash and ensure that cash is widely distributed and effectively used.
Amendment 38 #
Proposal for a regulation Recital 7 (7) Future developments in digital payments may affect the role of the euro in retail payment markets both in the European Union and internationally. Many central banks around the world are currently exploring the issuance of central bank digital currencies (‘CBDCs’) and some countries have already issued a CBDC. In addition, so-called third country stablecoins not denominated in euro, could, if widely used for payments, displace euro denominated payments in the Union’s economy by satisfying demand for programmable payments (which are referred as conditional payments in the context of this Regulation), including in e- commerce, capital markets or industry 4.0. A digital euro would therefore be important to maintain the role of the euro in the digital age. However, the digital euro is not intended to replace cash.
Amendment 39 #
Proposal for a regulation Recital 8 (8) It is therefore necessary to lay down a legal framework for establishing a digital form of the euro with the status of legal tender under 50 euros, for use by people, businesses and public authorities in the euro area. As a new form of the euro available to the general public, the digital euro should have important societal and economic consequences. It is therefore necessary to establish the digital euro and to regulate its main characteristics, as a measure of monetary law. The European Central Bank is competent to issue and to authorise the issuance of the digital euro by national central banks of the Member States whose currency is the euro, exercising its powers under the Treaties. On the basis of those powers and in accordance with the legal framework set out in this Regulation, the European Central Bank should thus be able to decide whether to issue the digital euro, at which times and in what amounts, and other particular measures that are intrinsically connected to its issuance, in addition to banknotes and coins.
Amendment 40 #
Proposal for a regulation Recital 13 (13) Member States, their relevant authorities and payment service providers should deploy information and educational
Amendment 41 #
Proposal for a regulation Recital 17 a (new) (17 a) The digital euro, both for online and offline digital euro transactions, must always complement the physical cash and not replace it. Citizens and businesses will always have the choice of using one or another form of legal tender or their combination of them.
Amendment 42 #
Proposal for a regulation Recital 18 (18) Since the digital euro requires the capacity to accept digital means of payment, imposing an obligation of mandatory acceptance of payments in digital euro on all payees could be disproportionate. To this end, exceptions to the mandatory acceptance of payments in digital euro should be provided for natural persons acting in the course of a purely personal or household activity. Exceptions to mandatory acceptance should also be provided for microenterprises, which are
Amendment 43 #
Proposal for a regulation Recital 18 (18) Since the digital euro requires the capacity to accept digital means of payment, imposing an obligation of mandatory acceptance of payments in digital euro on all payees could be disproportionate. To this end, exceptions to the mandatory acceptance of payments in digital euro should be provided for natural persons acting in the course of a purely personal or household activity or for natural persons receiving salaries, pensions or government assistance. Exceptions to mandatory acceptance should also be provided for microenterprises, which are particularly important in the euro area for the development of entrepreneurship job creation and innovation, playing a vital role in shaping the economy. Union policies and actions should reduce regulatory burdens for enterprises of this size. Exceptions to mandatory acceptance should also be provided for non-profit legal entities which promote the public interest and serve the public good performing a variety of goals of societal interest, including equity, education, health, environmental protection and human rights. For microenterprises and non-profit legal entities, the acquisition of the required infrastructure and the acceptance costs would be disproportionate. They should therefore be exempted from the obligation to accept payments in digital euro. In such cases, other means for the
Amendment 44 #
Proposal for a regulation Recital 19 (19) In order to ensure that additional exceptions to the mandatory acceptance of the digital euro may be introduced at a later stage if they are required, for example due to technical specificities that may appear in the future, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of the introduction of additional exceptions of a monetary law nature to the obligation to accept digital euro payment transactions, which would apply in a harmonised way across the euro area, taking into account any proposals from Member States to this end. The Commission may only adopt such exceptions if they are necessary, justified on grounds of general interest, proportionate,
Amendment 45 #
Proposal for a regulation Recital 19 (19) In order to ensure that additional exceptions to the mandatory acceptance of the digital euro may be introduced at a later stage if they are required, for example due to technical specificities that may appear in the future, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of the introduction of additional exceptions of a monetary law nature to the obligation to accept digital euro payment transactions, which would apply in a harmonised way across the euro area, taking into account any proposals from the Parliament and the Member States to this end. The Commission may only adopt such exceptions if they are necessary, justified on grounds of general interest, proportionate, and preserve the effectiveness of the legal tender status of the digital euro. The power of the Commission to adopt delegated acts for the introduction of additional exceptions to the obligation to accept digital euro payment transactions should be without prejudice to the possibility for Member States, pursuant to their own powers in areas of shared competence, to adopt national legislation introducing exceptions to the mandatory acceptance deriving from the legal tender status in accordance with the conditions laid down by the Court of Justice of the European Union in its judgment in Joined Cases C-422/19 and C-423/19.
Amendment 46 #
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) TFEU. The conversion of digital euro to other categories of funds or to cash should always be unrestricted.
Amendment 47 #
Proposal for a regulation Recital 34 a (new) (34 a) It is fundamental that the creation of the Digital Euro does not give ground for means to track or control on how this type of currency is spent in comparison to cash;
Amendment 48 #
Proposal for a regulation Recital 41 (41) The European Central Bank or the Eurosystem do not charge payment service providers for the costs it bears to support their provision of digital euro services to digital euro users. Similarly, payment service providers should not charge users for the costs they bear to support the use of digital euro services.
Amendment 49 #
Proposal for a regulation Recital 48 (48) The primary deployment of the digital euro in the euro area should not lead to discrimination of citizens and businesses in Member States whose currency is not the euro or otherwise inadvertently create double standards in the single market. Prospective digital euro users in such Member States should get the possibility to voluntarily take up the digital euro where possible. The provision of digital euro payment services to digital euro users residing or established in a Member State whose currency is not the euro should be
Amendment 50 #
Proposal for a regulation Recital 53 (53) Agreements and arrangements related to the provision of digital euro payment services or cross-currency payments involving the digital euro should be concluded on a voluntary basis, in priority with non-euro area Member States. The European Central Bank should cooperate with national central banks of Member States whose currency is not the euro for the purpose of cross-currency payments involving the digital euro. In no case should any natural or legal EU person face discrimination in accessing digital euro.
Amendment 51 #
(56) To facilitate the use of digital euro and the provision of innovative services, the Eurosystem should support the provision of conditional digital euro payment transactions. First, some types of conditional payment services could be supported through detailed measures, rules and standards that could help payment service providers to develop and operate interoperable applications that execute conditional logic.
Amendment 52 #
Proposal for a regulation Recital 57 Amendment 53 #
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 as defined in the article 4(5) of the Regulation (EU) 2016/679. 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.
Amendment 54 #
Proposal for a regulation Recital 58 Amendment 55 #
Proposal for a regulation Recital 59 (59) To facilitate a harmonised user
Amendment 56 #
Proposal for a regulation Recital 60 (60) To facilitate dispute resolution, the European Central Bank should provide payment service providers and digital euro users with technical and functional support for dispute resolution, related at least to technical
Amendment 57 #
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
Amendment 58 #
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
Amendment 59 #
Proposal for a regulation Recital 64 (64) To provide for instantaneous settlement, both online and offline digital euro transactions, including in the context of funding and defunding, and as waterfall and reverse waterfall functionalities, should be settled instantaneously, in a few seconds only, in normal circumstances. The settlement of online digital euro payment transactions should be performed in the digital euro settlement infrastructure adopted by the Eurosystem. Online digital euro payment transactions should be settled in a matter of seconds as specified under the functional and technical requirements adopted by the European Central Bank. Final settlement of online digital euro payment transactions should be achieved at the moment of recording the digital euros concerned of the payer and the payee in the digital euro settlement infrastructure approved by the European Central Bank,
Amendment 60 #
Proposal for a regulation Recital 67 (67) For reasons of contractual freedom and to ensure competition, digital euro users should have the possibility to switch their digital euro payment accounts to different payment service providers free of charge. At the request of the digital euro users, payment service providers should then enable the switching of the digital euro payment accounts, while maintaining the same account identifiers. In exceptional circumstances where a payment service provider is unable to perform this task, including due to having lost the relevant digital euro payment account-related data, the European Central Bank should be able to authorise the switching of digital euro payment accounts so that the new payment service provider designated by the digital euro user can retrieve the information about the digital euro holdings of the digital euro user and complete the switching without relying on the
Amendment 61 #
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
Amendment 62 #
Proposal for a regulation Recital 69 Amendment 63 #
Proposal for a regulation Recital 70 (70) The rights to privacy and personal data protection are fundamental rights enshrined in Article 7 and 8 of the Charter of Fundamental Rights of the European Union. As stressed by the European Data Protection Board34 , a high standard of privacy and data protection is crucial to ensure the trust of Europeans in the future digital euro. This is also in line with the G7 Public Policy Principles for Retail Central Bank Digital Currencies. The processing of personal data for compliance and in the context of this Regulation would be carried out in accordance with Regulation (EU) 2016/67935 and Regulation (EU) 2018/171536 , as well as, where applicable, Directive 2002/58/EC37 . While the ECB is fully independent to carry out its competences, such independence cannot compromise these rights. Therefore, when having an option in the concrete design choices for the digital euro operation, particularly its offline part, the most privacy and personal data protection option shall be selected, regardless if that carries an extraordinary burden on other lawful objectives to be pursued by it and the national central banks _________________ 34 Statement on the design choices for a
Amendment 64 #
Proposal for a regulation Recital 71 (71) The digital euro should therefore be designed so as to minimise the processing of personal data by payment service providers and by the European Central Bank to what is necessary to ensure the proper functioning of the digital euro as referred to under Article 5, paragraph 1, point c of the GDPR. The digital euro should be available offline, with a level of privacy vis a vis payment service providers which is comparable to withdrawals of banknotes at automatic teller machines. The settlement of digital euro transactions should be designed in such a way that neither the European Central Bank nor national central banks can attribute data to an identified or identifiable digital euro user.
Amendment 65 #
Proposal for a regulation Recital 73 (73) Payment service providers should be able to process personal data
Amendment 66 #
Proposal for a regulation Recital 73 (73) Payment service providers should be able to process personal data 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
Amendment 67 #
Proposal for a regulation Recital 75 (75) Offline digital euro payment transactions are payments that occur in close physical proximity (“face-to-face”). They have similarities with transactions in cash and should be treated in a similar way in terms of privacy. Payment service providers should therefore not process personal data related to offline digital euro payment transactions, but only personal data related to depositing or withdrawing digital euros from digital euro payment accounts to load them onto the local storage devices, or from the local storage devices into the digital euro payment accounts This includes the identifier of the local storage devices which payment service providers attribute to a digital euro user that holds offline digital euro. That
Amendment 68 #
Proposal for a regulation Recital 76 (76) The European Central Bank and national central banks may process personal data in so far as it is necessary to fulfil tasks that are essential to the proper functioning of the digital euro. In the framework of this regulation, the processing of personal data for the purposes of the settlement of digital euro payment transactions and the management of the security and integrity of the digital euro infrastructure 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. The legal basis for processing of personal data is therefore provided for in Article 6(1)(e) of Regulation (EU) 2016/679 for national banks and Article 5(1)(a) of Regulation (EU) 2018/1725 for the European Central Bank. The task of maintaining the security and integrity of digital euro infrastructure includes activities related to ensuring the stability and operational resilience of the digital euro. The European Central Bank and national central banks would be the controller of personal data as regards these
Amendment 69 #
Proposal for a regulation Recital 76 (76) The European Central Bank and national central banks may process personal data in so far as it is necessary to fulfil tasks that are essential to the proper functioning of the digital euro on the basis of Article 6(1)(e) GDPR and Article 5(1)(a) EUDPR. In the framework of this regulation, the processing of personal data for the purposes of the settlement of digital euro payment transactions and the management of the security and integrity of the digital euro infrastructure 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. The task of maintaining the security and integrity of digital euro infrastructure includes activities related to ensuring the stability and operational resilience of the digital euro. The European Central Bank and
Amendment 70 #
Proposal for a regulation Recital 77 (77) For the purpose of enforcing the holding limits and ensuring the exceptional switching of digital euro payment accounts in emergency situations upon the request of the digital euro user, a single access point of digital euro user identifiers and the related digital euro holding limits is necessary to ensure the efficient functioning of the digital euro across the entire euro area, as digital euro users may hold digital euro payment accounts in different Member States. When establishing the single access point, the European Central Bank and national central banks should ensure that the processing of personal data is minimised to what is strictly necessary . with due respect to the principle of necessity and proportionality and that data protection by design and by default is embedded. The European Central Bank and national central banks should consider, where appropriate and to minimise the risk of data breaches, the use of decentralised data storage.
Amendment 71 #
Proposal for a regulation Recital 77 (77) For the purpose of enforcing the holding limits and ensuring the exceptional switching of digital euro payment accounts in emergency situations upon the request of the digital euro user, a single access point of digital euro user identifiers and the related digital euro holding limits is necessary to ensure the efficient functioning of the digital euro across the entire euro area, as digital euro users may hold digital euro payment accounts in different Member States. When establishing the single access point, the European Central Bank and national central banks should ensure that the processing of personal data is minimised to what is strictly necessary and that data protection by design and by default is embedded. The European Central Bank and national central banks sh
Amendment 72 #
Proposal for a regulation Recital 82 (82)
Amendment 73 #
Proposal for a regulation Recital 83 (83) In order to ensure uniform conditions for the application of holding and transaction limits for offline proximity payments,
Amendment 74 #
Proposal for a regulation Article 2 – paragraph 1 – point 5 5. ‘digital euro payment account’ means an account held by one or more digital euro users with a payment service provider to access digital euro recorded in the digital euro settlement infrastructure or in a
Amendment 75 #
Proposal for a regulation Article 2 – paragraph 1 – point 6 Amendment 76 #
Proposal for a regulation Article 2 – paragraph 1 – point 15 15. ‘offline digital euro payment transaction’ means a digital euro payment transaction,
Amendment 77 #
Proposal for a regulation Article 2 – paragraph 1 – point 15 a (new) 15 a. 'low value online digital euro payment transactions' means online digital euro payment transactions, either in a single operation or in several operations which appear to be linked, where the amount is bellow the limit to large cash payments set in the Member cash payments set in the Member State where payee is established;
Amendment 78 #
Proposal for a regulation Article 2 – paragraph 1 – point 20 a (new) 20 a. ‘payment transaction data’ means data which is generated by a payment transaction within the processing limits laid down in Annex III, IV and V;
Amendment 79 #
Proposal for a regulation Article 2 – paragraph 1 – point 28 28. ‘user alias’ means a
Amendment 80 #
Proposal for a regulation Article 2 – paragraph 1 – point 28 28. ‘user alias’ means a unique pseudonymous identifier that is different for different transactions in order to prevent the association or tracking of the user across transactions, used to protect user’s identity when processing digital euro payments that can only be attributable to an identifiable natural or legal person by the payment service provider distributing the digital euro or by the digital euro user;
Amendment 81 #
Proposal for a regulation Article 2 – paragraph 1 – point 28 28. ‘user alias’ means a unique pseudonymous identifier, that prevents the association or tracking of the user across transactions, used to protect user’s identity when processing digital euro payments that can only be attributable to an identifiable natural or legal person by the payment service provider distributing the digital euro or by the digital euro user;
Amendment 82 #
Proposal for a regulation Article 2 – paragraph 1 – point 31 31. ‘mobile device’ means a device that enables digital euro users to securely authorise digital euro payment transactions online or
Amendment 83 #
Proposal for a regulation Article 2 – paragraph 1 – point 31 a (new) 31 a. ‘local storage device’ means a mobile device in which authorisation and settlement of offline digital euro payment transactions takes place.
Amendment 84 #
Proposal for a regulation Article 2 – paragraph 1 – point 31 a (new) 31 a. ‘local storage device’ means either a mobile device as defined in paragraph 31, or a payment terminal used by a payee or merchant.
Amendment 85 #
Proposal for a regulation Article 5 – paragraph 1 1. The digital euro shall be governed by the provisions of this Regulation, supplemented by the delegated acts that the Commission is empowered to adopt pursuant to Articles 11, 33, 34, 35 and 38, and by the implementing acts that the Commission is empowered to adopt pursuant to Article 37. When drafting delegated and implementing acts pursuant to Articles mentioned in this paragraph, the Commission shall fully implement the principles of data protection by design and by default, as defined in Regulation (EU) 2016/679.
Amendment 86 #
Proposal for a regulation Article 5 – paragraph 2 2. Within the framework of this Regulation, the digital euro shall also be governed by the detailed measures, rules and standards that may be adopted by the European Central Bank pursuant to its own competences. Where these detailed measures, rules and standards have an impact on the protection of individuals’ rights and freedom with regard to the processing of personal data, the European
Amendment 87 #
Proposal for a regulation Article 5 – paragraph 2 2. Within the framework of this Regulation, the digital euro shall also be governed by the detailed measures, rules and standards that may be adopted by the European Central Bank pursuant to its own competences. Where these detailed measures, rules and standards have an impact on the protection of individuals’ rights and freedom with regard to the processing of personal data, the European Central Bank shall consult the European Data Protection Supervisor prior to their
Amendment 88 #
Proposal for a regulation Article 5 – paragraph 2 2. Within the framework of this Regulation, the digital euro shall also be governed by the detailed measures, rules and standards that may be adopted by the European Central Bank pursuant to its own competences. Where these detailed measures, rules and standards have an impact on the privacy and protection of individuals
Amendment 89 #
Proposal for a regulation Article 6 – paragraph 2 2. Directive (EU) 2015/2366 of the European Parliament and of the Council, of 25 November 2015, on payment services in the internal market, as replaced by Directive (EU) [please insert reference – proposal for a Directive on payment services and electronic money services in the internal market - COM/2023/366 final] and Regulation (EU) [please insert reference – proposal for a Regulation on payment services in the internal market and amending Regulation (EU) No 1093/2010 - COM(2023) 367 final], shall govern the supervision by competent authorities, the sanctions regime and supervisory arrangements between the competent authorities of the home Member States and of the host Member States, concerning compliance by Payment Services Providers of their obligations pursuant to Chapters IV, V, VI and VII of this Regulation.
Amendment 90 #
Proposal for a regulation Article 6 – paragraph 2 a (new) 2 a. Regulation (EU) 2016/679 of the European Parliament and of the Council, of 27 April 2016, on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC [General Data Protection Regulation] and Regulation (EU) 2018/1725 on the protection of natural persons with regard to the processing of personal data by the Union institutions, bodies, offices and agencies and on the free movement of such data, and repealing Regulation (EC) No 45/2001 and Decision No 1247/2002/EC [EUDPR] shall govern the supervision by competent authorities, the sanctions regime and supervisory arrangements between the competent authorities of the home Member States and the host Member States, concerning compliance by data controllers of their obligations pursuant to Chapter VIII of this Regulation.
Amendment 91 #
Proposal for a regulation Article 6 – paragraph 2 a (new) 2 a. Regulation (EU) 2016/679 of the European Parliament and of the Council, of 27 April 2016, on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC [General Data Protection Regulation] and Regulation (EU) 2018/1725 on the protection of natural persons with regard to the processing of personal data by the Union institutions, bodies, offices and agencies and on the free movement of such data, and repealing Regulation (EC) No 45/2001 and Decision No 1247/2002/EC [EUDPR] shall govern the supervision by competent authorities, the sanctions regime and supervisory arrangements between the competent authorities of the home Member States and the host Member States, concerning compliance by data controllers of their obligations pursuant to Chapter VIII of this Regulation
Amendment 92 #
Proposal for a regulation Article 9 – paragraph 1 – point a (a) where the payee is a an enterprise which employs fewer than
Amendment 93 #
Proposal for a regulation Article 9 – paragraph 1 – point a (a) where the payee is a an enterprise which employs fewer than 10 persons or whose annual turnover or annual balance sheet total does not exceed EUR 2 million, or is a non-profit legal entity as defined in in Article 2, point (18), of Regulation (EU) 2021/695 of the European Parliament and of the Council44 , unless it accepts
Amendment 94 #
Proposal for a regulation Article 9 – paragraph 2 For the purposes of point (b) and (d), the burden of proof to establish that legitimate and temporary grounds existed in a particular case and that the refusal was proportionate shall be on the payee.
Amendment 95 #
Proposal for a regulation Article 9 – paragraph 2 For the purposes of point (b) and (d), the burden of proof to establish that legitimate and temporary grounds existed in a particular case and that the refusal was proportionate shall be on the payee.
Amendment 96 #
Proposal for a regulation Article 11 – paragraph 1 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 public means for the payment of monetary debts are available. When preparing those delegated acts, the Commission shall consult the European Central Bank.
Amendment 97 #
Proposal for a regulation Article 13 – paragraph 1 – subparagraph 2 Amendment 98 #
Proposal for a regulation Article 13 – paragraph 2 2. Payment service providers that provide servicing payment services within the meaning of Directive 2015/2366 shall enable digital euro users to manually or automatically fund or defund their digital euro payment accounts from or to non- digital euro payment accounts, or euro banknotes and coins when a payment services provider provides cash services
Amendment 99 #
Proposal for a regulation Article 13 – paragraph 4 source: 757.302
2024/02/21
ECON
606 amendments...
Amendment 120 #
Proposal for a regulation – The European Parliament rejects the proposal for a regulation of the European Parliament and of the Council on the establishment of the digital euro.
Amendment 121 #
Proposal for a regulation Recital 1 (1) The Union faces a context of digitalisation, reliance on technology and decline in the use of cash. Furthermore, private initiatives such as cryptocoins, stablecoins and possible private tokenized money projects such as libra, have the potential to radically change the monetary landscape. In this context, consumers and depositors will have a continued demand for a stable financial landscape and accessible and secure money that complies privacy with demands. The Commission emphasised in the Digital Finance and Retail Payment Strategies20 of September 2020 that a digital euro, as a retail central bank digital currency, would act as a catalyst for innovation in payments, finance and commerce in the context of ongoing efforts to reduce the fragmentation of the Union retail payments market. The Eurosummit of March 2021 called for a stronger and more innovative digital finance sector and more efficient and resilient payment systems. The Eurogroup also acknowledged, in its statement of 25 February, the potential of a digital euro to foster innovation in the financial system. In that context, both the European Parliament21 and ECOFIN Council22 welcomed in February and March 2022 the European Central Bank’s decision to launch a two-year investigation phase of a digital euro project, starting from October 2021.
Amendment 122 #
Proposal for a regulation Recital 1 (1) The Commission emphasised in the Digital Finance and Retail Payment Strategies20 of September 2020 that a digital euro, as a retail central bank digital currency, would act as a catalyst for innovation in payments, finance and commerce in the context of ongoing efforts to reduce the fragmentation of the Union retail payments market. The Eurosummit of March 2021 called for a stronger and more innovative digital finance sector and more efficient and resilient payment systems. The Eurogroup also acknowledged, in its statement of 25 February, the potential of a digital euro to foster innovation in the financial system. It is worth noting that the digital euro in its current design limits innovation. A CBDC built on blockchain technology would allow for more innovative developments from the fintech and entrepreneurial sectors. In that context, both the European Parliament21 and ECOFIN Council22 welcomed in February and March 2022 the European Central Bank’s decision to launch a two-year investigation phase of a digital euro project, starting from October 2021.
Amendment 123 #
Proposal for a regulation Recital 2 (2) On 2 October 2020, the European Central Bank published its “Report on a digital euro”23 . The report formed the basis for seeking views on the benefits and challenges of issuing a digital euro and on its possible design.
Amendment 124 #
Proposal for a regulation Recital 3 (3) Central bank money in the form of banknotes and coins cannot be used for online payments. Today, online payments rely entirely on commercial bank money. The acceptability and fungibility of commercial bank money rely on its convertibility on a one-to-one basis to central bank money with legal tender, which serves as a monetary anchor. That monetary anchor is at the core of the functioning of monetary and financial systems. It underpins users’ confidence in commercial bank money and in the euro as a currency and is therefore essential to safeguard the stability of the monetary system in a digitalised economy and society.
Amendment 125 #
Proposal for a regulation Recital 3 (3) Central bank money in the form of banknotes and coins cannot be used for online payments. Today, online payments rely entirely on commercial bank money. The acceptability and fungibility of commercial bank money rely on its convertibility on a one-to-one basis to central bank money with legal tender, which serves as a monetary anchor. That monetary anchor is at the core of the functioning of monetary and financial systems. It underpins users’ confidence in commercial bank money and in the euro as a currency and is therefore essential to safeguard the stability of the monetary system in a digitalised economy and society. As central bank money in physical form alone cannot address the needs of a rapidly digitalising economy, this could gradually remove the monetary anchor for commercial bank money. It is therefore
Amendment 126 #
Proposal for a regulation Recital 4 (4) To address the need of a rapidly digitalising economy, the digital euro should support a variety of use cases of retail payments. Those use case include person to person, person to business, person to government, business to person, business to business, business to government, government to person, government to business, and government to government payments. In addition, the digital euro should also be able to fulfil future payments needs, and in particular machine to machine payment in the context of Industry 4.0 and payments in the decentralised internet (web3).
Amendment 127 #
Proposal for a regulation Recital 4 (4) To address the need of a rapidly digitalising economy, the digital euro should support a variety of use cases of retail payments. Those use case include person to person, person to business, person to government, business to person, business to business, business to government, government to person, government to business, and government to government payments. In addition, the digital euro should also be able to fulfil future payments needs, and in particular machine to machine payment in the context of Industry 4.0 and payments in the decentralised internet (web3). Th
Amendment 128 #
Proposal for a regulation Recital 4 (4) To address the need of a rapidly digitalising economy, the digital euro should support a variety of use cases of retail payments. Those use case include person to person, person to business, person to government, business to person, business to business, business to government, government to person, government to business, and government to government payments. In addition, the digital euro should also be able to fulfil future payments needs, and in particular machine to machine payment in the context of Industry 4.0 and payments in the decentralised internet (web3). The digital euro should
Amendment 129 #
Proposal for a regulation Recital 4 (4) To address the need of a rapidly digitalising economy, the digital euro should support a variety of use cases of retail payments. Those use case include person to person, person to business, person to government, business to person, business to business, business to government, government to person, government to business, and government to government payments. In addition, the digital euro should also be able to fulfil future payments needs, and in particular machine to machine payment in the context of Industry 4.0 and payments in the decentralised internet (web3). These emerging needs must be assessed before being met by the digital euro. The assessment must be carried out in cooperation with the public sector, the better positioning of which will allow for an analysis of new needs. The digital euro should not cater for payments between financial intermediaries, payment service providers and other market participants (that is to say wholesale payments), for which settlement systems in central bank money exist and where the use of different technologies is being further investigated by the Eurosystem.
Amendment 130 #
Proposal for a regulation Recital 5 (5) In a context where cash alone cannot answer the needs of a digitalised economy, it is essential to support financial inclusion by ensuring universal,
Amendment 131 #
Proposal for a regulation Recital 5 (5) In a context where cash alone cannot answer the needs of a digitalised economy, it is essential to support financial inclusion by ensuring universal, affordable and easy access to the digital euro to individuals in the euro area, as well as its wide acceptance in payments. In this respect, Member States should ensure sufficient and effective access to public entities, in all their different regions, including urban and non-urban areas. Member States should determine the number and geographical distribution of entities on the basis of common indicators. Financial exclusion in the digitalised economy may increase as private digital means of payments may not specifically cater for vulnerable groups of the society or may not be suitable in some rural or remote areas without a (stable) communication network. According to the World Bank and the Bank for International Settlements, “efficient, accessible and safe retail payment systems and services are critical for greater financial inclusion”.24 That finding was further substantiated by the study on new Digital Payment Methods commissioned by the European Central Bank, which concluded that for the unbanked/underbanked/offline population, the most important features of a new payment method are easiness of use, not requiring technological skills, and to be secure and free of charge.25 A digital euro would offer a public alternative to private digital means of payments and support financial inclusion as it would be designed along these objectives, thus catering for free access, easiness of use and wide accessibility and acceptance.
Amendment 132 #
Proposal for a regulation Recital 5 (5) In a context where cash alone cannot answer the needs of a digitalised economy, it is essential to support financial inclusion by ensuring universal, affordable and easy access to the digital euro to individuals in the euro area, as well as its wide acceptance in payments. Financial exclusion in the digitalised economy may increase as private digital means of payments may not specifically cater for vulnerable groups of the society or may not be suitable in some rural or remote areas without a (stable) communication network. According to the World Bank and the Bank for International Settlements, “efficient, accessible and safe retail payment systems and services are critical for greater financial inclusion”24 . That finding was further substantiated by the study on new Digital Payment Methods commissioned by the European Central Bank, which concluded that for the unbanked/underbanked/offline population, the most important features of a new payment method are easiness of use, not requiring technological skills, and to be secure and free of charge25
Amendment 133 #
Proposal for a regulation Recital 5 (5) In a context where cash alone cannot answer the needs of a digitalised economy, it is essential to support financial inclusion by ensuring universal, affordable and easy access to the digital euro to individuals in the euro area, as well as its wide acceptance in payments. Financial exclusion in the digitalised economy may increase as private digital means of payments may not specifically cater for vulnerable groups of the society or may not be suitable in some rural or remote areas without a (stable) communication network. According to the World Bank and the Bank for International Settlements, “efficient, accessible and safe retail payment systems and services are critical for greater financial inclusion”.24 That finding was further substantiated by the study on new Digital Payment Methods commissioned by the European Central Bank, which concluded that for the unbanked/underbanked/offline population, the most important features of a new payment method are easiness of use, not requiring technological skills, and to be secure and free of charge.25 A digital euro would offer a public alternative to private digital means of payments and support financial inclusion as it would be designed along these objectives, thus catering for free access, easiness of use and wide accessibility and acceptance.
Amendment 134 #
Proposal for a regulation Recital 5 (5) In a context where cash alone cannot answer the needs of a digitalised economy, it
Amendment 135 #
Proposal for a regulation Recital 6 (6) The digital euro should complement euro banknotes and coins and
Amendment 136 #
Proposal for a regulation Recital 6 (6) The digital euro should complement euro banknotes and coins and
Amendment 137 #
Proposal for a regulation Recital 6 a (new) (6a) Large digital companies are developing rapidly in the payments sector. Two thirds of EU card payment transactions are run by non-EU companies today, and their market share is likely to increase in the coming years, highlighting an increased risk of market domination and dependence on foreign payment technologies which could have undesired implications for the European Union‘s strategic autonomy.
Amendment 138 #
Proposal for a regulation Recital 7 (7) Future developments in digital payments may affect the role of the euro in retail payment markets both in the European Union and internationally. Many central banks around the world are currently exploring the issuance of central bank digital currencies (‘CBDCs’) and some countries have already issued a CBDC. In addition, so-called third country stablecoins not denominated in euro, could, if widely used for payments, displace euro denominated payments in the Union’s economy by satisfying demand for programmable payments (which are referred as conditional payments in the context of this Regulation), including in e- commerce, capital markets or industry 4.0. Furthermore, some large companies have announced or investigated the possibility to launch private tokenized money. A digital euro would therefore be important to maintain the role of
Amendment 139 #
Proposal for a regulation Recital 7 (7) Future developments in digital payments may affect the role of the euro in retail payment markets both in the European Union and internationally. Many central banks around the world are currently exploring the issuance of central bank digital currencies (‘CBDCs’) and some countries have already issued a CBDC. In addition, so-called third country stablecoins not denominated in euro, could, if widely used for payments, displace euro denominated payments in the Union’s economy by satisfying demand for programmable payments (which are referred as conditional payments in the context of this Regulation), including in e- commerce, capital markets or industry 4.0.
Amendment 140 #
Proposal for a regulation Recital 7 (7) Future developments in digital payments may affect the role of the euro in retail payment markets both in the European Union and internationally. Many central banks around the world are currently exploring the issuance of central bank digital currencies (‘CBDCs’) and some countries have already issued a CBDC. In addition, so-called third country stablecoins not denominated in euro, could, if widely used for payments, displace euro denominated payments in the Union’s economy by satisfying demand for programmable payments (which are referred as conditional payments in the context of this Regulation), including in e- commerce, capital markets or industry 4.0.
Amendment 141 #
Proposal for a regulation Recital 8 (8)
Amendment 142 #
Proposal for a regulation Recital 8 (8) It is therefore necessary to lay down a legal framework for establishing a digital form of the euro with the status of legal tender, for use by people, businesses and public authorities in the euro area. As a new form of the euro available to the general public, the digital euro
Amendment 143 #
Proposal for a regulation Recital 8 (8)
Amendment 144 #
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
Amendment 145 #
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
Amendment 146 #
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
Amendment 147 #
Proposal for a regulation Recital 9 (9) Like euro banknotes and coins, the digital euro should be a direct liability item in the balance sheet 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 holdings should be the property of digital euro users and not of the payment services providers providing digital euro services. The digital euro should be issued for an amount equal to the face value of the corresponding liability item 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 accounts. 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.
Amendment 148 #
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 accounts. No account or other contractual relationship would be established between the digital euro user and the European Central Bank or the national central banks, without prejudice to the possibility of appointing the national central bank as the public entity of a Member State distributing the digital euro. 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. Digital euro users would remain the only owners of, or holders of property interests in, the rights represented by digital euros, even though digital euro users would only be able to access and use their holdings through their respective payment service providers. Under no circumstances would the payment service provider become the owner of, or have any property interest in, the rights represented by digital euros upon the opening of the accounts for digital euro users.
Amendment 149 #
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 accounts and should be able to decide not to link their digital euro payment account to a non-digital euro payment account. No account or other contractual relationship would be established between the digital euro user and the European Central Bank or the national central banks, without prejudice to the possibility of appointing the national central bank as the public entity of a Member State distributing the digital euro. 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.
Amendment 150 #
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 Articles 11,
Amendment 151 #
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
Amendment 152 #
Proposal for a regulation Recital 13 (13) As the initiator of the digital euro, it is the primary responsibility of the ECB to disseminate information and manage public relations campaigns to ensure the successful acceptance of this disruptive technology. It is particularly crucial to do this in a time of fake news and mass dangerous conspiracy theories. Member States, their relevant authorities and payment service providers should also support the ECB’s efforts and deploy information and educational measures to ensure the necessary level of awareness and knowledge of the different
Amendment 153 #
Proposal for a regulation Recital 13 (13) Member States, their relevant authorities and payment service providers should deploy information and educational measures to ensure the necessary level of awareness and knowledge of the different aspects of the digital euro, including the benefits of its use as well as its characteristics relating to the protection and exercise of fundamental rights and freedoms.
Amendment 154 #
Proposal for a regulation Recital 16 (16) The digital euro, as a central bank digital currency with the status of legal tender denominated in euro issued by the European Central Bank and national central banks of the Member States whose currency is the euro, as part of the Eurosystem, should be widely accessible, usable and accepted as a means of payment. Granting legal tender status to the digital euro should support its usability in payments across the euro area and thus also support the efforts to ensure the continued availability and accessibility of central bank money in its role of monetary anchor, as cash alone cannot address the needs of a rapidly digitalising economy. In addition, the mandatory acceptance of payments in digital euro as one of the main conditions of the legal tender status ensures that people and businesses benefit from a wide acceptance and have a real choice to pay with central bank money in a digital way and in a uniform manner throughout the euro area.
Amendment 155 #
Proposal for a regulation Recital 18 (18) Since the digital euro requires the capacity to accept digital means of payment, imposing an obligation of mandatory acceptance of payments in digital euro on all payees could be disproportionate. To this end, exceptions to the mandatory acceptance of payments in digital euro should be provided for
Amendment 156 #
Proposal for a regulation Recital 18 (18) Since the digital euro requires the capacity to accept digital means of payment, imposing an obligation of mandatory acceptance of payments in digital euro on all payees could be disproportionate. To this end, exceptions to the mandatory acceptance of payments in digital euro should be provided for natural persons acting in the course of a purely personal or household activity. Exceptions to mandatory acceptance should also be provided for microenterprises, which are particularly important in the euro area for the development of entrepreneurship job creation and innovation, playing a vital role in shaping the economy. Union policies and actions should reduce regulatory burdens for enterprises of this size.
Amendment 157 #
Proposal for a regulation Recital 18 (18) Since the digital euro requires the capacity to accept digital means of payment, imposing an obligation of mandatory acceptance of payments in digital euro on all payees could be disproportionate. To this end, exceptions to the mandatory acceptance of payments in digital euro should be provided for natural persons acting in the course of a purely personal or household activity. Exceptions to mandatory acceptance should also be provided for microenterprises, which are particularly important in the euro area for the development of entrepreneurship job creation and innovation, playing a vital role in shaping the economy. Union policies and actions should reduce regulatory burdens for enterprises of this size. Exceptions to mandatory acceptance should also be provided for non-profit legal entities which promote the public interest and serve the public good performing a variety of goals of societal interest, including equity, education, health, environmental protection and human rights. For microenterprises and non-profit legal entities, the acquisition of the required infrastructure and the acceptance costs would be disproportionate. They should therefore be exempted from the obligation to accept payments in digital euro. In such cases, other means for the settlement of monetary debts should remain available. Nevertheless, microenterprises and non-profit legal entities that accept comparable digital means of payment from payers should be subject to the mandatory acceptance of payments in digital euro. Comparable digital means of payment should include debit card payment or instant payment or other future technological solutions used at the point of interaction, but should exclude credit transfer and direct debit that are not initiated at the point of interaction. Microenterprises and non-profit legal entities that do not accept comparable digital means of payment or credit cards from their payers in settlement of a debt (e.g. they only accept euro banknotes and coins)
Amendment 158 #
Proposal for a regulation Recital 18 (18) Since the digital euro requires the capacity to accept digital means of payment, imposing an obligation of mandatory acceptance of payments in digital euro on all payees could be disproportionate. To this end, exceptions to the mandatory acceptance of payments in digital euro should be provided for natural persons acting in the course of a purely personal or household activity. Exceptions to mandatory acceptance should also be provided for microenterprises, which are particularly important in the euro area for the development of entrepreneurship job creation and innovation, playing a vital role in shaping the economy. Union policies and actions should reduce regulatory burdens for enterprises of this size. Exceptions to mandatory acceptance should also be provided for non-profit legal entities which promote the public interest and serve the public good performing a variety of goals of societal interest, including equity, education, health, environmental protection and human rights. For microenterprises and non-profit legal entities, the acquisition of the required infrastructure and the acceptance costs would be disproportionate. They should therefore be exempted from the obligation to accept payments in digital euro. In such cases, other means for the settlement of monetary debts should remain available. Nevertheless, microenterprises and non-profit legal entities that accept
Amendment 159 #
Proposal for a regulation Recital 19 (19) In order to ensure that additional exceptions to the mandatory acceptance of the digital euro may be introduced at a later stage if they are required, for example due to technical specificities that may appear in the future, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of the introduction of additional exceptions of a monetary law nature to the obligation to accept digital euro payment transactions, which would apply in a harmonised way across the euro area, taking into account any proposals from Member States to this end. The Commission may only adopt such exceptions if they are necessary, justified on grounds of general interest, proportionate, and preserve the effectiveness of the legal tender status of the digital euro, and if other public means of payments are available. The power of the Commission to adopt delegated acts for the introduction of additional exceptions to the obligation to accept digital euro payment transactions should be without prejudice to the possibility for Member States, pursuant to their own powers in areas of shared competence, to adopt national legislation introducing exceptions to the mandatory acceptance deriving from the legal tender status in accordance with the conditions laid down by the Court of Justice of the European Union in its judgment in Joined Cases C-422/19 and C- 423/19.
Amendment 160 #
Proposal for a regulation Recital 19 (19) In order to ensure that additional exceptions to the mandatory acceptance of the digital euro may be introduced at a later stage if they are required, for example due to technical specificities that may appear in the future, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of the introduction of additional exceptions of a monetary law nature to the obligation to accept digital euro payment transactions, which would apply in a harmonised way across the euro area, taking into account any proposals from Member States to this end. The Commission may only adopt such exceptions if they are necessary, justified on grounds of general interest, proportionate, and preserve the effectiveness of the legal tender status of the digital euro, and if other public means of payment are available. The power of the Commission to adopt delegated acts for the introduction of additional exceptions to the obligation to accept digital euro payment transactions should be without prejudice to the possibility for Member States, pursuant to their own powers in areas of shared competence, to adopt national legislation introducing exceptions to the mandatory acceptance deriving from the legal tender status in accordance with the conditions laid down by the Court of Justice of the European Union in its judgment in Joined Cases C-422/19 and C- 423/19.
Amendment 161 #
Proposal for a regulation Recital 19 (19) In order to ensure that additional exceptions to the mandatory acceptance of the digital euro may be introduced at a later stage if they are required, for example due to technical specificities that may appear in the future, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of the introduction of additional exceptions of a monetary law nature to the obligation to accept digital euro payment transactions, which would apply in a harmonised way across the euro area, taking into account any proposals from Member States to this end. The Commission may only adopt such exceptions if they are necessary, justified on grounds of general interest, proportionate,
Amendment 162 #
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
Amendment 163 #
Proposal for a regulation Recital 25 (25) For the purpose of properly enforcing any holding limits on the use of the digital euro
Amendment 164 #
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 in conjunction with the co-legislators, 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.
Amendment 165 #
Proposal for a regulation Recital 26 (26) The digital euro represents a public digital alternative to private digital money. Therefore, all users in the Union should have access to the digital euro through public intermediaries, without having to make use of a private intermediary. However, to support universal access to the digital euro by the general public in the euro area, and to foster innovation and a high level of competition in the retail payment market, all the relevant intermediaries should be able to distribute the digital euro. All account servicing payment service providers under Directive 2015/2366, including credit institutions, electronic money institutions, payment institutions, post office giro institutions which are entitled under national law to provide payment services, the European Central Bank and national central banks of Member States whose currency is the euro, as part of the Eurosystem, when not acting in their capacity as monetary authority or other public authorities, and Member States or their regional or local authorities when not acting in their capacity as public authorities should be able to provide digital euro payment accounts and the related digital euro payment services, regardless of their location in the European Economic Area. Crypto asset services providers regulated under Regulation 2023/1114 of the European Parliament and of the Council29 that are account servicing payment service providers under Directive 2015/2366 should also be allowed to distribute the digital euro. In accordance with Directive 2015/2366, account servicing payment service providers should be obliged to provide access to data on payment accounts to payment initiation and account information service providers based on Application Programming Interfaces (APIs), to allow them to develop and provide innovative additional services.
Amendment 166 #
Proposal for a regulation Recital 26 (26) To support universal access to the digital euro by the general public in the euro area, and to foster innovation and a high level of competition in the retail payment market, all the relevant intermediaries should be able to distribute the digital euro. All account servicing payment service providers under Directive 2015/2366, including credit institutions, electronic money institutions, payment institutions, post office giro institutions which are entitled under national law to provide payment services, the European Central Bank and national central banks of Member States whose currency is the euro, as part of the Eurosystem, when not acting in their capacity as monetary authority or other public authorities, and Member States or their regional or local authorities when not acting in their capacity as public authorities should be able to provide digital euro payment accounts and the related digital euro payment services, regardless of their location in the European Economic Area, provided the transition and the costs of upgrading necessary infrastructure is guaranteed by the Eurosystem and not forced onto the intermediary or the merchants. Crypto asset services providers regulated under Regulation 2023/1114 of the European Parliament and of the Council29 that are account servicing payment service providers under Directive 2015/2366 should also be allowed to distribute the digital euro. In accordance with Directive 2015/2366, account servicing payment service providers should be obliged to provide access to data on payment accounts to payment initiation and account information service providers based on Application Programming Interfaces (APIs), to allow them to develop and provide innovative additional services.
Amendment 167 #
Proposal for a regulation Recital 27 (27) In
Amendment 168 #
Proposal for a regulation Recital 29 (29) To ensure a wide usage of the digital euro, including for people who do not have a non-digital euro payment account, do not wish to open a digital euro payment account at a credit institution or at another payment service providers that may distribute the digital euro, or persons with disabilities, functional limitations or limited digital skills, and elderly persons, it is essential that public entities, including local or regional authorities,
Amendment 169 #
Proposal for a regulation Recital 29 (29) To ensure a wide usage of the digital euro, including for people who do not have a non-digital euro payment account, do not wish to open a digital euro payment account at a credit institution or at another payment service providers that may distribute the digital euro, or persons with disabilities, functional limitations or limited digital skills, and elderly persons, it is essential that public entities, including local or regional authorities, or postal offices, distribute the digital euro ensuring full and none-discriminatory access. For that purpose, Member States should designate entities that should carry out that task within their territory. Such entities, as payment services providers under Directive (EU) 2015/2366, should comply with the provisions of this Regulation, including Directive (EU) 2015/2366 and Directive (EU) 2015/849.
Amendment 170 #
Proposal for a regulation Recital 30 (30) To enable a wide usage of the digital euro and keep pace with innovation in digital payments, digital euro payment services should include basic and additional digital euro payment services. Basic digital euro payment services are payment, account or support services that are considered essential for the use of the digital euro by natural persons. If only one payment instrument is provided, it shall be a payment card. This includes inter alia the provision of at least one payment instrument to natural persons. Only account servicing payment service providers under Directive 2015/2366 should provide the entire set of basic digital euro services. In addition to these basic digital euro payment services, account servicing payment service providers and other payment service providers under Directive 2015/2366 may develop and provide additional digital euro payment services. Additional digital euro payment services include for instance conditional digital euro payment transactions like pay-per-use or payment initiation services. The digital euro infrastructure should facilitate the deployment of such optional services. To ensure transparency of charges applying to optional and value-added services, the relevant articles of the Payment Account Directive should apply.
Amendment 171 #
Proposal for a regulation Recital 30 (30) To enable a wide usage of the digital euro and keep pace with innovation in digital payments, digital euro payment services should include basic and additional digital euro payment services. Basic digital euro payment services are payment, account or support services that are considered essential for the use of the digital euro by natural persons. This includes inter alia the provision of at least one payment instrument to natural persons. Only account servicing payment service providers under Directive 2015/2366 should provide the entire set of basic digital euro services. In addition to these basic digital euro payment services, account servicing payment service providers and other payment service providers under Directive 2015/2366 may develop and provide additional digital euro payment services. Additional digital euro payment services include for instance conditional digital euro payment transactions like pay-per-use or payment initiation services. The digital euro infrastructure should facilitate the deployment of such optional services. To be truly innovative and bring value to European businesses and consumers, the digital euro could be built on blockchain.
Amendment 172 #
Proposal for a regulation Recital 30 a (new) (30a) 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, the use of the digital euro as a store of value might be subject to limits. With a view to ensuring an effective use of the digital euro as a legal tender means of payment, and to avoiding excessive charges for merchants subject to the obligation to accept the digital euro under Chapter II while providing compensation for the relevant costs incurred by payment services providers for the provision of digital euro payments, the level of charges or fees to be paid by natural persons or merchants to payment service providers, or between payment service providers, should be subject to limits.
Amendment 173 #
Proposal for a regulation Recital 31 (31) Pursuant to its powers under the Treaties and in line with the provisions of this Regulation, the European Central Bank in conjunction with the co-legislators should be able to set limits on the use of the digital euro as a store of value. The effective use of the digital euro as a legal tender means of payment should be preserved through limits on inter-PSP
Amendment 174 #
Proposal for a regulation Recital 31 (31) Pursuant to its powers under the Treaties and in line with the provisions of this Regulation, the European Central Bank should be able to set limits on the use of the digital euro as a store of value. In this context, holding limits for consumers will be necessary. Changes to those holding limits may not be misused to control the money supply as part of monetary policy. The effective use of the digital euro as a legal tender means of payment should be preserved through limits on inter-PSP or merchant fees.
Amendment 175 #
Proposal for a regulation Recital 31 (31)
Amendment 176 #
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. Th
Amendment 177 #
Proposal for a regulation Recital 32 (32) A
Amendment 178 #
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. All changes to the digital euro must not be taken unilaterally by the ECB, but rather in conjunction with the co-legislators. When deciding on the parameters and use of the instruments referred to in paragraph 1, the European Central Bank should
Amendment 179 #
Proposal for a regulation Recital 32 (32)
Amendment 180 #
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
Amendment 181 #
Proposal for a regulation Recital 32 a (new) (32a) Within the context of this Regulation, financial stability should be understood as the ability of private financial market participants and public entities to work in service of citizens and the real economy. As a direct and fully guaranteed liability to the European Central Bank, the digital euro, if properly designed, has the potential to deliver substantial benefits in this regard. Most notably, the digital euro provides citizens with a store of value that is safer than bank deposits, as the latter are only partly guaranteed through deposit insurance scheme. Moreover, the introduction of the digital euro might enable regulators to gradually downscale deposit insurance schemes, as well as other public protections and privileges of credit institutions, and the Commission is mandated to monitor and report on these opportunities.
Amendment 182 #
Proposal for a regulation Recital 33 (33) Limits should not be used to substitute for early intervention or other supervisory measures. Neither should such limits be imposed to address situations of individual credit institutions which competent resolution authorities or other relevant authorities would normally deal with by using tools and powers at their disposal, including suspensions of payment, moratoria, measures available under Directive 2013/36/EU, Directive 2014/59/EU or Regulation (EU) No 806/2014, or other similar measures which are aimed at restoring the viability, resolving the institution concerned or otherwise remedying the situation of financial distress. Additional limits of any sorts other than those laid down by ECB, should also not be imposed by payment service providers, even if they apply transaction or withdrawal limits on the regular bank accounts they offer.
Amendment 183 #
Proposal for a regulation Recital 34 (34) Digital euro users should have the choice to use the digital euro either online or offline, or both, subject to the limits set respectively by the European Central Bank and by a Commission
Amendment 184 #
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 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 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. Digital euro users should be able to decide not to link their digital euro payment account to a non- digital euro payment account.
Amendment 185 #
Proposal for a regulation Recital 36 (36) The digital euro should allow for a smooth payment experience.
Amendment 186 #
Proposal for a regulation Recital 37 (37) While instruments employed by the European Central Bank to limit an excessive use of the digital euro as a store of value aim at safeguarding financial stability and financial intermediation, they may nonetheless impact on and interact with the European Central Bank’s monetary policy stance. Such instruments would therefore need to be applied uniformly across the euro area in order to ensure the use of the digital euro as a single currency and the singleness of the monetary policy. Furthermore, a uniform application would be necessary to ensure a level playing field for payment service providers in the European single market or avoid an overly complex enforcement of any instrument through payment service providers on the basis of digital euro users’ residency. Within the framework of this Regulation, the digital euro should not bear interest
Amendment 187 #
Proposal for a regulation Recital 37 (37) While instruments employed by the European Central Bank to temporarily limit an excessive use of the digital euro as a store of value aim at
Amendment 188 #
Proposal for a regulation Recital 37 (37) While instruments employed by the European Central Bank to limit an excessive use of the digital euro as a store of value aim at safeguarding financial stability and financial intermediation, they may nonetheless impact on and interact with the European Central Bank’s monetary policy stance. Such instruments would therefore need to be applied uniformly across the euro area in order to ensure the use of the digital euro as a single currency and the singleness of the monetary policy. Furthermore, a uniform application would be necessary to ensure a level playing field for payment service providers in the European single market or avoid an overly complex enforcement of any instrument through payment service providers on the basis of digital euro users’ residency.
Amendment 189 #
Proposal for a regulation Recital 38 a (new) (38a) The unique situation of Northern Ireland requires consideration with a view to enabling citizens living there to use the digital euro on the same basis as citizens in the Eurozone.
Amendment 190 #
Proposal for a regulation Recital 39 (39) Any limits to the store of value function that the European Central Bank together with the co-legislators 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.
Amendment 191 #
Proposal for a regulation Recital 39 (39)
Amendment 192 #
Proposal for a regulation Recital 40 (40) To ensure wide access to and use of the digital euro, consistent with its status of legal tender, and to support its role as monetary anchor in the euro area, natural persons residing in the euro area, natural persons who opened a digital euro account at the time they resided in the euro area, but no longer reside there, as well as visitors, should not be charged for basic digital euro payment services. That means that such digital euro users should not bear any direct fees for their basic access to and basic use of the digital euro, including not being charged transaction fees or any other fees that are directly associated with the provision of services related to the basic use of the digital euro. Digital euro users should not be required to have or open a non-digital euro payment account or to accept other non-digital euro products. Where the digital euro user agrees to a package of services comprising non-digital euro services and basic digital euro payment services, the payment service provider should be able to charge that package of services at its discretion. In that case, there should not be a differentiated charge for the non-digital euro services when they are offered separately or as part of a package including basic digital euro payment services. Where the digital euro user asks to receive only basic digital euro payment services with a payment service provider, those services should not be charged, including for waterfall and reverse waterfall functionalities where the digital euro user also has a non-digital euro payment account with another payment service provider. Payment service providers should be able to charge digital euro users for additional digital euro payment services beyond the basic digital euro payment services free of the interference of the ECB or any other regulatory body to ensure the free market allows for innovation and fair competition.
Amendment 193 #
Proposal for a regulation Recital 42 (42) As the digital euro is a form of the single currency having legal tender status, digital euro payment transactions should not be subject to excessive fees by payment service providers. In particular, granting the digital euro legal tender status, with the corollary of mandatory acceptance, means that merchants would have no choice but to accept digital euro payment transactions. Furthermore, any charge or fee per transaction or period erodes, directly or indirectly, the face value of payments received, which is an essential component of the legal tender status. It is therefore essential that a fee or a charge, as a restriction of the face value of the digital euro, be objectively justified and proportionate to the objective of ensuring an effective use of the digital euro as a legal tender means of payment. Ultimately, the laws of the free market should be allowed to prevail in the setting of fees among PSPs and merchants with respect to digital euro transactions.
Amendment 194 #
Proposal for a regulation Recital 43 (43) To ensure that fees and charges are uniform across the euro area and proportionate, the European Central Bank should regularly monitor their level and, on this basis, publish the corresponding amounts together with an explanatory report.
Amendment 195 #
Proposal for a regulation Recital 43 (43) A maximum fee or charge should allow for free competition between intermediaries below that level. Fees or charges should not exceed the relevant costs incurred by payment service providers for the provision of digital euro payment services in relation to digital euro payment transactions, nor should such fees or charges exceed those requested for comparable digital means of payment. To ensure that fees and charges are uniform across the euro area and proportionate, the European Central Bank should regularly monitor their level and, on this basis, publish the corresponding amounts together with an explanatory report
Amendment 196 #
Proposal for a regulation Recital 44 (44) Furthermore, to ensure an effective use of the digital euro, it is important that the market is allowed to adjust so that any fees or charges are not higher than those requested for comparable private digital means of payment. International card schemes regulated under Regulation (EU) 2015/751 of the European Parliament and the Council30 , national card schemes, and instant payments at the point of interaction provided by payment service providers should be considered comparable means of payments.
Amendment 197 #
Proposal for a regulation Recital 45 (45) As payment services providers distributing the digital euro would not be in a position to charge fees to natural persons for basic digital euro payment services, an inter-PSP fee may be
Amendment 198 #
Proposal for a regulation Recital 47 (47) An excessive distribution of the digital euro outside the euro area could have an unwanted impact on the size and composition of the consolidated balance sheet of the European Central Bank and national central banks. Impacts on monetary sovereignty and financial stability of non-euro area countries may also differ depending on the use of the digital euro outside the euro area. Those impacts could be harmful in case the digital euro replaces the local currency in a high number of domestic transactions. In particular, a situation in which the digital euro becomes dominant in a Member State whose currency is not the euro, thus de facto replacing the national currency, could interfere with the euro area adoption criteria and process set out in Article 140 TFEU. To avoid undesirable effects and prevent monetary sovereignty and financial stability risks, both within and outside the euro area, it is necessary to provide for the possibility for the Union, with full transparency and the democratic involvement of the co-legislators, to conclude agreements with third countries, and for the European Central Bank to conclude arrangements with the national central banks of Member States whose currency is not the euro and with the national central banks of third countries, to specify the conditions for the regular provision of digital euro payment services to digital euro users residing or established outside the euro area. Such agreements and arrangements should not cover visitors to the euro area, to whom payment service providers established in the European Economic Area31 , in line with the Agreement on the European Economic Area, may directly provide digital euro payment services.
Amendment 199 #
Proposal for a regulation Recital 48 (48) The provision of digital euro payment services to digital euro users residing or established in a Member State whose currency is not the euro should be subject to a prior arrangement between the European Central Bank and the national central bank of the Member State whose currency is not the euro, following a request from the Member State whose currency is not the euro, pending approval of the co-legislators. In line with the Agreement on the European Economic Area, digital euro users residing or established in non-euro area Member States may be provided digital euro payment services by payment service providers established in the European Economic Area.
Amendment 200 #
Proposal for a regulation Recital 52 (52) Digital euro users, whether they reside or are established within the euro area or not, may also have the capacity to receive or initiate cross-currency payments between the digital euro and a local currency. Arrangements concluded between the European Central Bank and national central banks in Member States whose currency is not the euro and in third countries should specify the conditions for access to and use of interoperable payment systems for the purpose of cross-currency payments involving the digital euro. These agreements should not enter into force without approval from the co-legislators.
Amendment 201 #
Proposal for a regulation Recital 53 (53)
Amendment 202 #
Proposal for a regulation Recital 54 (54) The technical design of the digital euro should make it widely accessible to and usable by the general public. That design should
Amendment 203 #
Proposal for a regulation Recital 55 (55) The digital euro should support the programming of conditional digital euro payment transactions by payment service providers. The digital euro should, however, not be “programmable money”, which means units that, due to intrinsically defined spending conditions, can only be used for buying specific types of goods or services, or are subject to time limits after which they are no longer usable. The need for fungibility at par with the digital euro with euro banknotes, whose legal tender status is enshrined in the Treaty and euro coins would logically exclude any form of programmable money. Conditional payment transactions are payments which are automatically triggered by software based on pre-defined and agreed conditions. Conditional payments should not have, as object or effect, the use of digital euro as programmable money. Payment service providers could develop different types of logic to offer a range of conditional payment transactions to digital euro users, including automated payment transactions for placing or withdrawing digital euros, payment standing orders that trigger automatic payments of a specific amount on a specific date, and payments between machines where those machines are programmed to automatically trigger payments for their own spare parts upon ordering them, for charging and paying electricity at most favourable market conditions, for paying insurance, and leasing and maintenance fees on a usage basis.
Amendment 204 #
Proposal for a regulation Recital 55 (55) The digital euro should support the programming of conditional digital euro payment transactions by payment service providers. The digital euro should, however, n
Amendment 205 #
Proposal for a regulation Recital 56 (56) To facilitate the use of digital euro and the provision of innovative services, the Eurosystem should support the
Amendment 206 #
Proposal for a regulation Recital 57 Amendment 207 #
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
Amendment 208 #
Proposal for a regulation Recital 58 (58) Users
Amendment 209 #
Proposal for a regulation Recital 59 (59) To facilitate a harmonised user experience, the digital euro rules, standards and processes that the European Central Bank may adopt pursuant to its own competences, should ensure that any digital euro user is able to carry out digital euro payment transactions with any other digital euro users across the euro area regardless of the payment service providers involved and the front-end services used. To reduce the fragmentation of the European retail payments market, and to support competition, efficiency and innovation in that market, and the development of payment instruments across the Union in keeping with the objective of the Commission’s retail payment strategy, the digital euro should be, to the extent possible, compatible with private digital payment solutions, building on functional and technical synergies. In particular, the European Central Bank should seek to ensure that the digital euro is compatible with private digital payment solutions at the point of interaction, and in person-to- person payments, where the fragmentation of the Union retail payments market is currently significant. The use of open standards, common rules and processes, and possibly shared infrastructures could support such compatibility. Specifically, the ECB should give preference to the use of open standards where such standards are available. While existing solutions may be leveraged where such solutions are deemed appropriate to ensure that compatibility, notably in view of minimising overall adaptation costs, such existing solutions should not create undue dependencies that could prevent adaptation of the digital euro to new technologies or would be incompatible with the digital euro features. In order to achieve these objectives, and without conferring any enforceable rights upon market operators, the European Central Bank should seek to ensure that the digital euro is compatible with private digital payment solutions on a best-effort basis and where deemed appropriate.
Amendment 210 #
Proposal for a regulation Recital 59 (59) To facilitate a harmonised user experience, the digital euro rules, standards and processes that the European Central Bank may adopt pursuant to its own competences, should ensure that any digital euro user is able to carry out digital euro payment transactions with any other digital euro users across the euro area regardless of the payment service providers involved and the front-end services used. To reduce the fragmentation of the European retail payments market, and to support competition, efficiency and innovation in that market, and the development of payment instruments across the Union in keeping with the objective of the Commission’s retail payment strategy, the digital euro should be,
Amendment 211 #
Proposal for a regulation Recital 60 (60) To facilitate dispute resolution, the European Central Bank should provide payment service providers and digital euro users with technical and functional support for dispute resolution, related at least to technical
Amendment 212 #
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
Amendment 213 #
Proposal for a regulation Recital 62 Amendment 214 #
Proposal for a regulation Recital 63 (63) To enable a smooth user experience, payment service providers that provide digital euro users with front-end services to access and use the digital euro should take care that digital euro users can quickly and easily access and use the digital euro. The front-end services developed by payment service providers should follow a clear branding developed by the European Central Bank that differentiates digital euro services from other payment services and conveys the public nature of the digital euro. In particular, digital euro payment accounts should be clearly labelled by the use of the official digital euro logo. Digital euro payment accounts should be accessed via one the main pages of the Internet website or an application, or any other front-end services, on an equal footing with non- digital euro payment accounts.
Amendment 215 #
Proposal for a regulation Recital 64 (64) To provide for instantaneous settlement, both online and offline digital euro transactions, including in the context of funding and defunding, and as waterfall and reverse waterfall functionalities, should be settled instantaneously, in a few seconds only, in normal circumstances. Given the existence of the instant payments system, the digital euro can easily be built on the rails of this system, at least until a more innovative solution involving blockchain can be deployed. The settlement of online digital euro payment transactions should be performed in the digital euro settlement infrastructure adopted by the Eurosystem. Online digital euro payment transactions should be settled in a matter of seconds as specified under the functional and technical requirements adopted by the European Central Bank. Final settlement of online digital euro payment transactions should be achieved at the moment of recording the digital euros concerned of the payer and the payee in the digital euro settlement infrastructure approved by the European Central Bank, irrespective of whether digital euros are recorded as holding balances or units of value, or of the technology used. The digital euro settlement infrastructure should seek to ensure adaptation to new technologies, including distributed ledger technology such as blockchain.
Amendment 216 #
Proposal for a regulation Recital 66 (66)
Amendment 217 #
Proposal for a regulation Recital 67 (67) For reasons of contractual freedom and to ensure competition, digital euro users should have the possibility to switch their digital euro payment accounts to different payment service providers free of charge. At the request of the digital euro users, payment service providers should then enable the switching of the digital euro payment accounts, while maintaining the same
Amendment 218 #
Proposal for a regulation Recital 67 (67) For reasons of contractual freedom and to ensure competition, digital euro users should have the possibility to switch their digital euro payment accounts to different payment service providers free of charge. At the request of the digital euro users, payment service providers should then enable the switching of the digital euro payment accounts, while maintaining the same account identifiers. In exceptional circumstances where a payment service provider is unable to perform this task, including due to having lost the relevant digital euro payment account-related data, the European Central Bank should be able to authorise the switching of digital euro payment accounts so that the new payment service provider designated by the digital euro user can retrieve the information about the digital euro holdings of the digital euro user and complete the switching without relying on the unavailable payment service provider. This process should allow a digital euro user to then continue accessing its digital euro holdings via the new designated payment service provider. The European Central Bank would not have any operational role in the switching on account both in both going concern situations and exceptional circumstances.
Amendment 219 #
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.
Amendment 220 #
Proposal for a regulation Recital 71 (71) The digital euro should therefore be designed so as to minimise the processing of personal data by payment service providers and by the European Central Bank to what is necessary to ensure the proper functioning of the digital euro. The digital euro should be available offline, with a level of privacy vis a vis payment service providers which is comparable to withdrawals of banknotes at automatic teller machines. The settlement of digital euro transactions should be designed in such a way that neither the European Central Bank nor national central banks can attribute data to an identified or identifiable digital euro user. Payments with the digital euro should have a level of privacy vis-á-vis the payment service provider that is comparable to that for cash withdrawals from ATMs.
Amendment 221 #
Proposal for a regulation Recital 72 (72) Data protection by design and data protection by default should be embedded in all data processing systems developed and used within the framework of this Regulation. The processing of personal data should be subject to appropriate safeguards to protect the rights and freedoms of the data subject. The data should be stored in Europe. Those safeguards should ensure that technical and organisational measures are in place in particular to ensure respect for the data protection principles laid down in Regulation (EU) 2016/679 and Regulation (EU) 2018/1715, including data minimisation and purpose limitation.
Amendment 222 #
Proposal for a regulation Recital 73 (73) Payment service providers should be able to process personal data 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
Amendment 223 #
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.
Amendment 224 #
Proposal for a regulation Recital 74 (74) Any processing of personal data to verify whether users are listed persons or entities pursuant to restrictive measures adopted in accordance with Article 215 TFEU should be in line with Regulation (EU) 2016/679 of the European Parliament and of the Council. Processing of the names and the payment account identifiers of natural persons is proportionate and necessary to ensure the compliance with restrictive measures adopted in accordance with Article 215 TFEU providing for asset freeze or prohibition of making funds or
Amendment 225 #
Proposal for a regulation Recital 74 (74) Any processing of personal data to verify whether users are listed persons or entities pursuant to restrictive measures adopted in accordance with Article 215 TFEU should be in line with Regulation (EU) 2016/679 of the European Parliament and of the Council. Processing of the names and the
Amendment 226 #
Proposal for a regulation Recital 75 (75) Offline digital euro payment transactions are payments that occur in close physical proximity (“face-to-face”). They have similarities with transactions in cash and should be treated in a similar way in terms of privacy. In addition, for online digital euro payment transactions, a risk- based approach should be taken allowing for higher levels of privacy up to a monthly transaction limit. Payment service providers should therefore not process personal data related to offline digital euro payment transactions and online digital euro payment transactions up to a monthly transaction limit, but only personal data related to depositing or withdrawing digital euros from digital euro payment accounts to load them onto the local storage devices, or from the local storage devices into the digital euro payment accounts. This includes the identifier of the local storage devices which payment service providers attribute to a digital euro user that holds offline digital euro. That level of privacy would be comparable to withdrawals of banknotes at automatic teller machines when payment service providers process personal data related to a user’s identity and data pertaining to how funding and defunding transactions have been carried out. That means that no transaction data monitoring should occur for offline digital euro payment transactions and no transaction data should be stored on the local storage device. For online payments, no transaction data monitoring should occur up to a monthly transaction limit.
Amendment 227 #
Proposal for a regulation Recital 76 (76) The European Central Bank and national central banks may process personal data in so far as it is necessary to fulfil tasks that are essential to the proper functioning of the digital euro. In the framework of this regulation, the processing of personal data for the purposes of the settlement of digital euro payment transactions and the management of the security and integrity of the digital euro infrastructure 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. The legal basis for processing of personal data is therefore provided for in Article 6(1)(e) of Regulation (EU) 2016/679 for national banks and Article 5(1)(a) of Regulation (EU) 2018/1725 for the European Central Bank. The task of maintaining the security and integrity of digital euro infrastructure includes activities related to ensuring the stability and operational resilience of the digital euro. The European Central Bank and national central banks would be the controller of personal data as regards these tasks. The European Central Bank and national central banks would process personal data for these tasks using state-of- the-art security and privacy-preserving measures, such as pseudonymisation or encryption, to ensure that data cannot be used to directly identify a specific digital euro user.
Amendment 228 #
Proposal for a regulation Recital 77 (77) For the purpose of enforcing the holding limits and ensuring the exceptional switching of digital euro payment accounts in emergency situations upon the request of the digital euro user, a
Amendment 229 #
Proposal for a regulation Recital 77 (77) For the purpose of enforcing the holding limits and ensuring the exceptional switching of digital euro payment accounts in emergency situations upon the request of the digital euro user, a single access point of digital euro user identifiers and the related digital euro holding limits is necessary to ensure the efficient functioning of the digital euro across the entire euro area, as digital euro users may hold digital euro payment accounts in different Member States. When establishing the single access point, the European Central Bank and national central banks should ensure that the processing of personal data is minimised to what is strictly necessary and that data protection by design and by default is embedded. The European Central Bank and national central banks should consider
Amendment 230 #
Proposal for a regulation Recital 78 (78) With its package on the prevention of the use of the financial system for the purposes of money laundering and terrorist financing, adopted by the Commission on 21 July 202138 , (‘AML-package’), the Commission has proposed to significantly strengthen anti-money laundering (‘AML’) rules across the Union. In keeping with that objective and to ensure an effective application of AML/CFT requirements to the digital euro, this Regulation should provide that online digital euro payment transactions are subject to AML/CFT requirements laid down in Directive (EU) 2015/849
Amendment 231 #
Proposal for a regulation Recital 80 (80) In contrast to offline digital euro payment transactions, online digital euro payment transactions are not limited to physical proximity transactions, and can be used to transfer funds at distance between digital euro users. For higher value online digital euro payment transactions, central bank digital currencies could present greater AML/CFT risks than cash as they would be acting as an instrument whose liquidity is similar to that of cash but without the limitations on portability that are implicit in cash. It should therefore be laid down that an online digital euro payment transaction is to be subject to Directive (EU) 2015/849 of the European Parliament and of the Council, and Regulation (EU) 2015/847 of the European Parliament and of the
Amendment 232 #
Proposal for a regulation Recital 83 (83) In order to ensure uniform conditions for the application of holding and transaction limits for offline proximity payments,
Amendment 233 #
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.
Amendment 234 #
Proposal for a regulation Article 1 – paragraph 1 With a view to
Amendment 235 #
Proposal for a regulation Article 1 – paragraph 1 With a view to adapting the euro to technological changes and to ensuring its use as a single currency, this Regulation establishes the digital euro as a new form of central bank digital currency issued for retail use and lays down rules concerning in particular its legal tender status, distribution, use, and essential technical features.
Amendment 236 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 1. ‘digital euro’ means the digital form of the single currency available to natural and legal persons, issued by the European Central Bank or the national central banks, constituting a liability on the balance sheet of these entities;
Amendment 237 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 1. ‘digital euro’ means the digital form of the Eurozone’s single currency available to natural and legal persons;
Amendment 238 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 3. ‘digital euro payment transaction’ means a
Amendment 239 #
Proposal for a regulation Article 2 – paragraph 1 – point 4 4. ‘digital euro user’ means a
Amendment 240 #
Proposal for a regulation Article 2 – paragraph 1 – point 4 4. ‘digital euro user’ means anyone making use of a digital euro
Amendment 241 #
Proposal for a regulation Article 2 – paragraph 1 – point 5 5. ‘digital euro payment account’ means an account held by one or more digital euro users with a
Amendment 242 #
Proposal for a regulation Article 2 – paragraph 1 – point 5 5. ‘digital euro payment account’ means an account held by
Amendment 243 #
Proposal for a regulation Article 2 – paragraph 1 – point 5 5. ‘digital euro payment account’ means an account held by
Amendment 244 #
Proposal for a regulation Article 2 – paragraph 1 – point 5 5. ‘digital euro payment account’ means an account held by
Amendment 245 #
Proposal for a regulation Article 2 – paragraph 1 – point 6 a (new) 6a. ‘distributor’ means any entity, public or private, providing digital euro payment services;
Amendment 246 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 7. ‘payment service provider’ means a payment service provider as defined in Article
Amendment 247 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 a (new) 7a. ‘liquidity providing intermediary” means a payment services provider, as defined in paragraph 7, that holds the commercial bank account linked to the digital euro payment account, whether for the payer or the payee. The liquidity providing intermediary may be different from the payment services provider holding the digital euro payment account.
Amendment 248 #
Proposal for a regulation Article 2 – paragraph 1 – point 8 8. 'digital euro
Amendment 249 #
Proposal for a regulation Article 2 – paragraph 1 – point 8 8. 'digital euro
Amendment 250 #
Proposal for a regulation Article 2 – paragraph 1 – point 8 8. 'digital euro
Amendment 251 #
Proposal for a regulation Article 2 – paragraph 1 – point 11 11. Funding: ‘funding’ means the process whereby a digital euro user acquires digital euros, in exchange for either cash or other funds, creating a means of payment with legal tender status, representing a direct liability of the European Central Bank or a national central bank towards that digital euro user;
Amendment 252 #
Proposal for a regulation Article 2 – paragraph 1 – point 11 11. ‘funding’ means the process whereby a digital euro user acquires digital euros, in exchange for either cash or other funds, creating a
Amendment 253 #
Proposal for a regulation Article 2 – paragraph 1 – point 15 15. ‘offline digital euro payment transaction’ means a digital euro payment transaction, made in physical proximity, where authorisation and settlement take place exclusively in the local storage devices of both payer and payee;
Amendment 254 #
Proposal for a regulation Article 2 – paragraph 1 – point 15 a (new) 15a. ‘payment transaction data’ means data which is generated by a payment transaction within the processing limits laid down in Annexes III, IV and V;
Amendment 255 #
Proposal for a regulation Article 2 – paragraph 1 – point 25 25. ‘comparable digital means of payment’
Amendment 256 #
Proposal for a regulation Article 2 – paragraph 1 – point 25 25. ‘comparable digital means of payment’ means digital means payment,
Amendment 257 #
Proposal for a regulation Article 2 – paragraph 1 – point 25 25. ‘comparable digital means of payment’ means digital means
Amendment 258 #
Proposal for a regulation Article 2 – paragraph 1 – point 25 25. ‘comparable digital means of payment’ means digital means
Amendment 259 #
Proposal for a regulation Article 2 – paragraph 1 – point 26 26. ‘switching’ means, upon a digital euro user’s request, transferring from one payment service provider to another either the information about all or some digital euro payment services, including recurring payments, executed on a digital euro payment account, or the digital euro holdings from one digital euro payment account to the other, or both, with or without closing the former digital euro payment account, while maintaining the same
Amendment 260 #
Proposal for a regulation Article 2 – paragraph 1 – point 26 26. ‘switching’ means, upon a digital euro user’s request, transferring from one payment service provider to another either the information about all or some digital euro payment services, including recurring payments, executed on a digital euro payment account, or the digital euro holdings from one digital euro payment account to the other, or both,
Amendment 261 #
Proposal for a regulation Article 2 – paragraph 1 – point 26 26. ‘switching’ means, upon a digital euro user’s request, transferring from one payment service provider to another either the information about all or some digital euro payment services, including recurring payments, executed on a digital euro payment account, or the digital euro holdings from one digital euro payment account to the other, or both,
Amendment 262 #
Proposal for a regulation Article 2 – paragraph 1 – point 26 26. ‘switching’ means, upon a digital euro user’s request, transferring from one payment service provider to another either the information about all or some digital euro payment services, including recurring payments, executed on a digital euro payment account, or the digital euro holdings from one digital euro payment account to the other, or both,
Amendment 263 #
Proposal for a regulation Article 2 – paragraph 1 – point 27 27.
Amendment 264 #
Proposal for a regulation Article 2 – paragraph 1 – point 27 27. ‘
Amendment 265 #
Proposal for a regulation Article 2 – paragraph 1 – point 27 27. ‘
Amendment 266 #
Proposal for a regulation Article 2 – paragraph 1 – point 27 27. ‘user identifier’ means a unique identifier created by a payment service provider distributing the digital euro that unambiguously differentiates, for online and offline digital euro purposes, digital euro users but that is not attributable to an identifiable natural or legal person by the European Central Bank and the national central banks;
Amendment 267 #
Proposal for a regulation Article 2 – paragraph 1 – point 28 28. ‘user alias’ means a
Amendment 268 #
Proposal for a regulation Article 2 – paragraph 1 – point 28 28. ‘user alias’ means a
Amendment 269 #
Proposal for a regulation Article 2 – paragraph 1 – point 29 29. ‘
Amendment 270 #
Proposal for a regulation Article 2 – paragraph 1 – point 29 29. ‘
Amendment 271 #
Proposal for a regulation Article 2 – paragraph 1 – point 29 29. ‘
Amendment 272 #
Proposal for a regulation Article 2 – paragraph 1 – point 31 31. ‘mobile device’ means a payment terminal or a device that enables digital euro users to securely authorise digital euro payment transactions online or offline including in particular but not limited to smart phones, tablets, smart watches and wearables of all kind, as well as cards and USB sticks containing a local storage device.
Amendment 273 #
Proposal for a regulation Article 2 – paragraph 1 – point 31 a (new) 31a. ‘local storage device’ is a device such as a physical card, a smartphone, or a point-of-sale terminal, allowing to store digital euros for the purpose of offline digital euro payment transactions.
Amendment 274 #
Proposal for a regulation Article 3 – paragraph 1 The digital euro is hereby established as the digital form of the EU single currency.
Amendment 275 #
Proposal for a regulation Article 4 – paragraph 1 1. In accordance with the Treaties, the European Central Bank shall have the exclusive right to authorise the issue of the digital euro, and the European Central Bank and the national central banks may issue the digital euro, subject to a decision for issuance in accordance with paragraph 3.
Amendment 276 #
Proposal for a regulation Article 4 – paragraph 1 1. In accordance with the Treaties, the European Central Bank shall have the exclusive right to authorise the issue of the digital euro, and the European Central Bank and the national central banks may issue the digital euro, subject to the required procedure pursuant to paragraph 1.
Amendment 277 #
Proposal for a regulation Article 4 – paragraph 1 1. In accordance with the Treaties, the European Central Bank shall have the exclusive right to authorise the issue of the digital euro, and the European Central Bank and the national central banks may issue the digital euro, subject to an issuance decision pursuant to paragraph 3.
Amendment 278 #
Proposal for a regulation Article 4 – paragraph 1 1. In accordance with the Treaties, the European Central Bank shall have the exclusive right to authorise the issue of the digital euro, and the European Central Bank and the national central banks may issue the digital euro, subject to an issuance decision pursuant to paragraph 3.
Amendment 279 #
Proposal for a regulation Article 4 – paragraph 1 a (new) 1a. Before the planned issuance of the digital euro, the ECB shall submit a report to the European Parliament, the Council and the Commission demonstrating the compliance of the project with the rules laid down by this regulation. That report shall be presented to the relevant committee of the European Parliament and the Council configuration on Economic and Financial Affairs.
Amendment 280 #
Proposal for a regulation Article 4 – paragraph 2 2. The digital euro shall be a direct liability item in the balance sheet of the European Central Bank or of national central banks towards digital euro users. The digital euro holdings shall be the property of digital euro users and not of the payment services providers providing digital euro services.
Amendment 281 #
Proposal for a regulation Article 4 – paragraph 2 a (new) 2a. Prior to the issuance of the digital euro, the ECB shall provide the European Parliament, the Council and the Commission with a report justifying the need for the issuance and an in-depth analysis of the impact of the digital euro on the payments market. The ECB shall guarantee the smooth and orderly coexistence with existing models, ensuring that such issuance does not have a negative impact on financial stability and uncontrolled credit provision
Amendment 282 #
Proposal for a regulation Article 4 – paragraph 2 a (new) 2a. Before the planned issuance of the digital euro, the ECB shall submit to the European Parliament, the Council and the Commission a report justifying the need for issuance and laying out an in- depth impact assessment regarding the impact of the digital euro on the payments market.
Amendment 283 #
Proposal for a regulation Article 4 – paragraph 2 a (new) 2a. Before the planned issuance of the digital euro, the ECB shall submit to the European Parliament, the Council and the Commission a report justifying the need for issuance and laying out an in- depth impact assessment regarding the impact of the digital euro on the payments market.
Amendment 284 #
Proposal for a regulation Article 4 – paragraph 2 a (new) 2a. Before the planned issuance of the digital euro, the ECB shall submit to the European Parliament, the Council and the Commission a report justifying the need for issuance and laying out an in- depth impact assessment regarding the impact of the digital euro on the payments market.
Amendment 285 #
Proposal for a regulation Article 5 – paragraph 1 1. The digital euro shall be governed by the provisions of this Regulation, supplemented by the delegated acts that the Commission is empowered to adopt pursuant to Articles 11, 33, 34, 35 and 38, and by the implementing acts that the Commission is empowered to adopt pursuant to Article 37. When drafting delegated and implementing acts pursuant to Articles mentioned in this paragraph, the Commission shall fully implement principles of data protection by design and by default, as defined in Regulation (EU) 2016/679.
Amendment 286 #
Proposal for a regulation Article 5 – paragraph 1 1. The digital euro shall be governed by the provisions of this Regulation, supplemented by the delegated acts that the Commission is empowered to adopt pursuant to Articles 11, 14, 17, 33, 34, 35
Amendment 287 #
Proposal for a regulation Article 5 – paragraph 2 2. Within the framework of this Regulation, the digital euro shall also be governed by the detailed
Amendment 288 #
Proposal for a regulation Article 5 – paragraph 2 2. Within the framework of this Regulation, the digital euro shall also be governed by the detailed measures, rules and standards that may be adopted by the European Central Bank pursuant to its own competences. Where these detailed measures, rules and standards have an impact on the protection of individuals’ rights and freedom with regard to the processing of personal data, the European Central Bank shall consult the European Data Protection Supervisor prior to their adoption. Such detailed measures, rules and standards shall fully implement the principles of data protection by design and by default, as defined in Regulation (EU) 2016/679, and shall implement privacy-enhancing technologies.
Amendment 289 #
Proposal for a regulation Article 5 – paragraph 2 a (new) 2a. The European Central Bank shall support the establishment of a digital rulebook development group. Its membership rules and internal organisation should include representatives of the stakeholders that will be impacted by the digital euro, including users, payment services providers, and merchants, as well as professionals from the public and private sector with experience in finance and payments. The Rulebook Development Group will work on the basis of the design decisions taken by the Governing Council as regards the digital euro programme. It will report to the Chair of the Rulebook Development Group, who will, in turn, report directly to the Digital Euro Programme Manager.
Amendment 290 #
Proposal for a regulation Article 6 – paragraph 2 2. Directive (EU) 2015/2366 of the European Parliament and of the Council, of 25 November 2015, on payment services in the internal market, as replaced by Regulation (EU) [please insert reference – proposal for a Regulation on payment services in the internal market and amending Regulation (EU) No 1093/2010 - COM(2023) 367 final] and Directive (EU) [please insert reference – proposal for a Directive on payment services and electronic money services in the internal market - COM/2023/366 final], shall govern the supervision by competent authorities, the sanctions regime and supervisory arrangements between the competent authorities of the home Member States and of the host Member States, concerning compliance by Payment Services Providers of their obligations pursuant to Chapters IV, V, VI and VII of this Regulation.
Amendment 291 #
Proposal for a regulation Article 6 – paragraph 2 a (new) 2a. Regulation (EU) 2016/679 of the European Parliament and of the Council, of 27 April 2016, on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC [General Data Protection Regulation] and Regulation (EU) 2018/1725 on the protection of natural persons with regard to the processing of personal data by the Union institutions, bodies, offices and agencies and on the free movement of such data, and repealing Regulation (EC) No 45/2001 and Decision No 1247/2002/EC [EUDPR] shall govern the supervision by competent authorities, the sanctions regime and supervisory arrangements between the competent authorities of the home Member States and the host Member States, concerning compliance by data controllers of their obligations pursuant to Chapter VIII of this Regulation.
Amendment 292 #
Proposal for a regulation Article 6 – paragraph 5 5. The ECB and the Member States shall ensure that adequate measures are in place to raise awareness among the public about the availability and features of the digital euro and possibilities of access to the digital euro.
Amendment 293 #
Proposal for a regulation Article 7 – paragraph 1 (1) The digital euro - in addition to cash - shall have legal tender status.
Amendment 294 #
Proposal for a regulation Article 9 – paragraph 1 – point a Amendment 295 #
Proposal for a regulation Article 9 – paragraph 1 – point a Amendment 296 #
Proposal for a regulation Article 9 – paragraph 1 – point a (a) where the payee is
Amendment 297 #
Proposal for a regulation Article 9 – paragraph 1 – point a (a) where the payee is a an enterprise which employs fewer than
Amendment 298 #
Proposal for a regulation Article 9 – paragraph 1 – point a (a) where the payee is a an enterprise which employs fewer than
Amendment 299 #
Proposal for a regulation Article 9 – paragraph 1 – point a (a) where the payee is a an enterprise which employs fewer than 10 persons or whose annual turnover or annual balance sheet total does not exceed EUR 2 million, or is a non-profit legal entity as defined in in Article 2, point (18), of Regulation (EU) 2021/695 of the European Parliament and of the Council44 , unless it accepts
Amendment 300 #
Proposal for a regulation Article 9 – paragraph 1 – point b Amendment 301 #
Proposal for a regulation Article 9 – paragraph 1 – point c (c) where the payee is a natural person acting in the course of a purely personal or household activity; For the purpose of point (c), the European Central Bank shall develop instruments to avoid the use of the digital euro by payees which are enterprises, for non-personal or household activity.
Amendment 302 #
Proposal for a regulation Article 9 – paragraph 2 Amendment 303 #
Proposal for a regulation Article 9 – paragraph 2 Amendment 304 #
Proposal for a regulation Article 9 – paragraph 2 a (new) For the purpose of point (c), the European Central Bank shall develop instruments to avoid the use of the digital euro by payees which are enterprises, for non-personal or household activity.
Amendment 305 #
Proposal for a regulation Article 10 Amendment 306 #
Proposal for a regulation Article 11 Amendment 307 #
Proposal for a regulation Article 11 Amendment 308 #
Proposal for a regulation Article 11 – paragraph 1 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 public means for the payment of monetary debts are available. When preparing those delegated acts, the Commission shall consult the European Central Bank.
Amendment 309 #
Proposal for a regulation Article 11 – paragraph 1 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 public means for the payment of monetary debts are available. When preparing those delegated acts, the Commission shall consult the European Central Bank.
Amendment 310 #
Proposal for a regulation Article 12 a (new) Article 12a Compatibility digital euro and commercial bank money The digital euro shall be fully and seamlessly compatible with commercial bank accounts.
Amendment 311 #
Proposal for a regulation Article 12 b (new) Article 12b Distribution Member States shall ensure that natural and legal persons residing or established in the Member States whose currency is the euro shall have access to digital euros through public intermediaries as set out in Article 14 (3), which will act as a distributor of the digital euro.
Amendment 312 #
Proposal for a regulation Article 13 – paragraph 1 – subparagraph 1 – introductory part Amendment 313 #
Proposal for a regulation Article 13 – paragraph 1 – subparagraph 1 – introductory part Within the framework of Directive 2015/2366, all payment service providers
Amendment 314 #
Proposal for a regulation Article 13 – paragraph 1 – subparagraph 1 – point e a (new) (ea) natural and legal persons of the Union who: (i) reside or are established in a Member State whose currency is not the euro, and (ii) exercise their free movement rights in a Member State whose currency is the euro.
Amendment 315 #
Proposal for a regulation Article 13 – paragraph 1 – subparagraph 2 Amendment 316 #
Proposal for a regulation Article 13 – paragraph 1 – subparagraph 2 The European Central Bank may, with the aim to safeguard the objectives of its monetary policy, restrict the access to and use in time of the digital euro for the digital euro users referred to in points (b) and (c) subject to the conditions laid down in Article 16 (2). Those timeframes shall be determined in relation to the residence or visiting status of the digital euro users.
Amendment 317 #
Proposal for a regulation Article 13 – paragraph 2 2. Payment service providers that provide servicing payment services within the meaning of Directive 2015/2366 shall enable digital
Amendment 318 #
Proposal for a regulation Article 13 – paragraph 3 – introductory part 3. Payment service providers shall make available funding and defunding functionalities to their clients that are digital euro users:
Amendment 319 #
Proposal for a regulation Article 13 – paragraph 3 – point b (b) when and where a payment service provider provides cash services where funding and defunding take place through euro banknotes and coins, subject to any limitations that the European Central Bank may adopt in accordance with Article 16(1) of this Regulation.
Amendment 320 #
Proposal for a regulation Article 13 – paragraph 3 – point b (b) when a payment service provider provides cash services where funding and defunding take place through euro banknotes and coins, subject to any limitations that the European Central Bank may adopt in accordance with Article 16(a) of this Regulation.
Amendment 321 #
Proposal for a regulation Article 13 – paragraph 3 – point b (b) when a payment service provider provides cash services where funding and defunding take place through euro banknotes and coins, subject to any limitations that the European Central Bank may adopt in accordance with Article 16(a) of this Regulation.
Amendment 322 #
Proposal for a regulation Article 13 – paragraph 3 – point b a (new) (ba) where cash is to be provided via an ATM, the requirement for funding and defunding shall be limited to euro banknotes.
Amendment 323 #
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 automatically defunded to a non-digital euro payment account, held at the same payment service provider, where an online digital euro payment transaction is received;
Amendment 324 #
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 automatically defunded to a non-digital euro payment account held at the same payment service provider, where an online digital euro payment transaction is received;
Amendment 325 #
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 automatically defunded to a non-digital euro payment account held at the same payment service provider, where an online digital euro payment transaction is received;
Amendment 326 #
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 automatically defunded to a non-digital euro payment account held at the same payment service provider, where an online digital euro payment transaction is received;
Amendment 327 #
Proposal for a regulation Article 13 – paragraph 4 – subparagraph 1 – point a (a) to have their digital euros in excess of
Amendment 328 #
Proposal for a regulation Article 13 – paragraph 4 – subparagraph 1 – point b (b) to make an online digital euro payment transaction where the transaction amount exceeds their digital euro holdings from a non-digital euro payment account held at the same payment service provider.
Amendment 329 #
Proposal for a regulation Article 13 – paragraph 4 – subparagraph 1 – point b (b) to make an online digital euro payment transaction where the transaction amount exceeds their digital euro holdings from a non-digital euro payment account held at the same payment service provider.
Amendment 330 #
Proposal for a regulation Article 13 – paragraph 4 – subparagraph 1 – point b (b) to make an online digital euro payment transaction where the transaction amount exceeds their digital euro holdings from a non-digital euro payment account held at the same payment service provider.
Amendment 331 #
Proposal for a regulation Article 13 – paragraph 4 – subparagraph 1 – point b (b) to make an online digital euro payment transaction where the transaction amount exceeds their digital euro holdings from a non-digital euro payment account held at the same payment service provider.
Amendment 332 #
Proposal for a regulation Article 13 – paragraph 4 – subparagraph 2 For the purpose of points (a) and (b), and upon
Amendment 333 #
Proposal for a regulation Article 13 – paragraph 4 – subparagraph 2 For the purpose of points (a) and (b), and upon p
Amendment 334 #
Proposal for a regulation Article 13 – paragraph 4 – subparagraph 2 For the purpose of points (a) and (b), and upon explicit prior approval by the respective individual digital euro user
Amendment 335 #
Proposal for a regulation Article 13 – paragraph 4 – subparagraph 2 For the purpose of points (a) and (b), and upon p
Amendment 336 #
Proposal for a regulation Article 13 – paragraph 4 a (new) 4a. Where an online digital euro payment transaction is initiated by a digital euro user, whether funded by a non-digital euro payment account or not, the following shall apply: (a) the payment service provider providing the digital euro payment account shall perform the strong authentication of the digital euro user in accordance with Article 97 paragraph 1 of Directive EU 2015/2366; (b) in case of unauthorized payment transaction, the payment service provider providing the digital euro payment account shall be liable in accordance and within the conditions set out in Articles 72 and 73 of Directive 2015/2366 of 25 November 2015 on payment services in the internal market. Accordingly, and where applicable, it shall refund the digital euro user the amount of the unauthorised payment transaction on the debited digital euro payment account and on the debited non-digital euro payment account; (c) the digital euro user shall address his complaint only to the payment service provider providing the digital euro account, without any recourse to the payment service provider providing the non-digital euro payment account.
Amendment 337 #
Proposal for a regulation Article 13 – paragraph 4 a (new) 4a. Account holder PSPs that allow third party wallet providers to offer the waterfall and reverse waterfall services shall be compensated for the costs of providing these services. Payment service providers that provide CBDC wallets and perform the strong authentication of the payer (SCA) are fully responsible for the potential fraud generated under their control and shall immediately and automatically compensate the account holder PSP debited by reverse waterfall on first request (in the event of a dispute generated by the payer). The volumes of automatic movements of "funding" and "defunding" shall be limited, according to the account holder PSP analysis, to mitigate this risk.
Amendment 338 #
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.
Amendment 339 #
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 is without prejudice to the possibility of appointing the national central bank as the public entity of a Member State distributing the digital euro.
Amendment 340 #
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 is without prejudice to the possibility of appointing the national central bank as the public entity of a Member State distributing the digital euro.
Amendment 341 #
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
Amendment 342 #
Proposal for a regulation Article 13 – paragraph 6 – subparagraph 1 (new) In case a payment service provider providing digital euro payment services enters into insolvency or other similar proceedings, the digital euro holdings of digital euro users would not be affected.
Amendment 343 #
Proposal for a regulation Article 13 – paragraph 6 a (new) 6a. In case a payment service provider providing digital euro payment services enters into insolvency or other similar proceedings, the digital euro holdings of digital euro users would not be affected.
Amendment 344 #
Proposal for a regulation Article 13 – paragraph 6 a (new) 6a. In case a payment service provider providing digital euro payment services enters into insolvency or other similar proceedings, the digital euro holdings of digital euro users would not be affected.
Amendment 345 #
Proposal for a regulation Article 13 – paragraph 7 7. Digital euro users may have one
Amendment 346 #
Proposal for a regulation Article 13 – paragraph 7 7. Digital euro users may have one or several digital euro payment accounts
Amendment 347 #
Proposal for a regulation Article 13 – paragraph 7 7. Digital euro users may have one
Amendment 348 #
Proposal for a regulation Article 14 – paragraph 1 1. For the purpose of distributing the digital euro to natural persons referred to in Article 13(1)(a), credit institutions that provide payment services as referred to in points (1), (2) or (3) of Annex I to Directive (EU) 2015/2366 shall, upon request of their clients, provide those persons with all basic digital euro payment services as referred to in A
Amendment 349 #
Proposal for a regulation Article 14 – paragraph 1 1. For the purpose of distributing the digital euro to natural persons referred to in Article 13(1)(a), credit institutions that provide payment services as referred to in points (1), (2) or (3) of Annex I to Directive (EU) 2015/2366 shall, upon request of their clients, provide those persons with
Amendment 350 #
Proposal for a regulation Article 14 – paragraph 1 1. For the purpose of distributing the digital euro to natural persons referred to in Article 13(1)(a), credit institutions that provide payment services as referred to in points (1), (2) or (3) of Annex I to Directive (EU) 2015/2366 shall, upon request of their clients, provide those persons with
Amendment 351 #
Proposal for a regulation Article 14 – paragraph 1 1. For the purpose of distributing the digital euro to natural persons referred to in Article 13(1)(a), credit institutions that provide payment services as referred to in points (1), (2) or (3) of Annex I to Directive (EU) 2015/2366 shall, upon request of their clients only, provide those persons with all basic digital euro payment services as referred to in Annex II.
Amendment 352 #
Proposal for a regulation Article 14 – paragraph 1 1. For the purpose of distributing the digital euro to natural persons referred to in Article 13(1)(a),
Amendment 353 #
Proposal for a regulation Article 14 – paragraph 1 a (new) 1a. The Commission is empowered to adopt delegated acts in accordance with Article 38 to supplement this Regulation by further specifying the conditions and guidelines for which a payment service provider is not required to initiate or is required to terminate the relationship with natural or legal persons.
Amendment 354 #
Proposal for a regulation Article 14 – paragraph 1 a (new) 1a. The Commission is empowered to adopt delegated acts in accordance with Article 38 to supplement this Regulation by further specifying the conditions and guidelines for which a payment service provider is not required to initiate or is required to terminate the relationship with natural or legal persons.
Amendment 355 #
Proposal for a regulation Article 14 – paragraph 3 – introductory part 3. Member States shall designate the authorities referred to in Article 1, point (f), of the Directive (EU) 2015/2366, national central banks referred to in Article 1, point (e) of that Directive, or post office giro institutions referred to in Article 1, point (c), of th
Amendment 356 #
Proposal for a regulation Article 14 – paragraph 3 – introductory part 3. Member States shall designate the authorities, which must be sufficiently resourced and geographically widespread, referred to in Article 1, point (f), of the Directive (EU) 2015/2366, or post office giro institutions referred to in Article 1, point (c), of the Directive (EU) 2015/2366 to:
Amendment 357 #
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 at a credit institution or at another payment service provider that may distribute the digital euro;
Amendment 358 #
Proposal for a regulation Article 14 – paragraph 3 – point a (a) provide
Amendment 359 #
Proposal for a regulation Article 14 – paragraph 3 – point a (a) provide basic digital euro payment services
Amendment 360 #
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
Amendment 361 #
Proposal for a regulation Article 14 – paragraph 3 – point b (b) provide basic digital payment services and provide digital inclusion support provided face-to-face in physical proximity to persons with disabilities, functional limitations or limited digital skills
Amendment 362 #
Proposal for a regulation Article 14 – paragraph 3 – point b (b)
Amendment 363 #
Proposal for a regulation Article 14 – paragraph 4 4. Payment service providers referred to in paragraphs 1 to 3 shall provide digital inclusion support, including to persons with disabilities, functional limitations or limited digital skills, and elderly persons. Without prejudice to paragraph 3, point (b), digital inclusion support shall comprise a dedicated assistance for onboarding to a digital euro account and using all basic digital euro services.
Amendment 364 #
Proposal for a regulation Article 14 – paragraph 5 5.
Amendment 365 #
Proposal for a regulation Article 14 – paragraph 5 5. The anti-money laundering authority of the Union (‘AMLA’) established under Regulation (EU) [please insert reference - proposal for a Regulation creating an EU Authority for anti-money laundering and countering the financing of terrorism (‘AMLA’) - COM/2021/421 final)] and the European Banking Authority shall, in consultation with the Fundamental Rights Agency, jointly issue guidelines specifying the interaction between AML/CFT requirements and the provision of basic digital euro payment services with a particular focus on financial inclusion of vulnerable groups including asylum seekers or beneficiaries of international protection, individuals with no fixed address or third country nationals who are not granted a residence permit but whose expulsion is impossible for legal or factual reasons.
Amendment 366 #
Proposal for a regulation Article 14 – paragraph 5 – subparagraph 1 (new) One year after the first issuance of the digital euro and every three years thereafter, the Commission shall present to the European Parliament and to the Council a report analysing the distribution of the digital euro by Payment Service Providers, and where appropriate a legislative proposal. This report shall include: (a) the level of distribution among citizens, including the number of digital euro payment accounts opened by payment service providers; (b) the number of payment service providers distributing the digital euro; (c) the categories of payment service providers distributing the digital euro; (d) the disparities in distribution levels among member states; (e) the difficulties and barriers faced by citizens in the process of opening digital euro accounts.
Amendment 367 #
Proposal for a regulation Article 14 a (new) Article 14a Basic digital euro payment services Basic digital euro payment services for natural persons shall consist of: (a) opening, holding, and closing and switching of a digital euro payment account; (b) consulting balances and transactions; (c) funding and defunding from a non-digital euro payment account; (d) funding and defunding from/into cash; (e) initiation and reception of digital euro payment transactions by means of an electronic payment instrument, to the exclusion of conditional digital euro payment transactions other than standing orders and direct debits, in the following use cases: – person-to-person people digital euro payment transactions; – point-of-interaction digital euro payment transactions, including point-of- sale and e-commerce; – government-to-person and person- to-government digital euro payment transactions. (f) digital euro payment transactions referred to in Article 13(4); (g) provision of at least one electronic payment instrument, one of which shall be a payment card, for the execution of digital euro payment transactions such as referred to in letter (e); (h) provision of digital inclusion support under Article 14; and (i) access to the dispute mechanism under Article 27.
Amendment 368 #
Proposal for a regulation Article 15 Amendment 369 #
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, the use of the digital euro as a store of value
Amendment 370 #
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, the use of the digital euro as a store of value
Amendment 371 #
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, the use of the digital euro as a store of value
Amendment 372 #
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, the use of the digital euro as a store of value
Amendment 373 #
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
Amendment 374 #
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, the use of the digital euro as a store of value
Amendment 375 #
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, the use of the digital euro as a store of value
Amendment 376 #
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, the use of the digital euro as a store of value
Amendment 377 #
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, the use of the digital euro as a store of value
Amendment 378 #
Proposal for a regulation Article 15 – paragraph 1 1.
Amendment 379 #
Proposal for a regulation Article 15 – paragraph 2 2. With a view to ensuring an effective use of the digital euro as a legal tender means of payment, and to avoiding excessive charges for merchants subject to the obligation to accept the digital euro under Chapter II while providing compensation for the relevant costs incurred by payment services providers for the provision of digital euro
Amendment 380 #
Proposal for a regulation Article 16 Amendment 381 #
Proposal for a regulation Article 16 – title Amendment 382 #
Proposal for a regulation Article 16 – title Amendment 383 #
Proposal for a regulation Article 16 – paragraph 1 1. For the purpose of Article 15(1), the European Central Bank shall develop instruments to limit the use of the
Amendment 384 #
Proposal for a regulation Article 16 – paragraph 1 1.
Amendment 385 #
Proposal for a regulation Article 16 – paragraph 1 1. For the purpose of Article 15(1), the European Central Bank
Amendment 386 #
Proposal for a regulation Article 16 – paragraph 1 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. When the digital euro is introduced, a holding limit of EUR 1000 per consumer shall be set. 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.
Amendment 387 #
Proposal for a regulation Article 16 – paragraph 1 1. For the purpose of Article 15(1), the European Central Bank
Amendment 388 #
Proposal for a regulation Article 16 – paragraph 1 1. For the purpose of Article 15(1) shall limits be established, 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.
Amendment 389 #
Proposal for a regulation Article 16 – paragraph 1 1. For the purpose of Article 15(1), the European Central Bank, together with the Single Supervisory Mechanism, 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.
Amendment 390 #
Proposal for a regulation Article 16 – paragraph 1 1. For the purpose of Article 15(1), the European Central Bank together with the Single Supervisory Mechanism 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.
Amendment 391 #
Proposal for a regulation Article 16 – paragraph 1 1. For the purpose of Article 15(1), the European Central Bank and the Single Resolution Mechanism 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.
Amendment 392 #
Proposal for a regulation Article 16 – paragraph 1 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 as established.
Amendment 393 #
Proposal for a regulation Article 16 – paragraph 1 1. For the purpose of Article 15(1), the European Central Bank
Amendment 394 #
Proposal for a regulation Article 16 – paragraph 1 a (new) 1a. The European Central Bank, with the involvement of relevant stakeholders, shall conduct a detailed impact assessment, drawing on bank level data through a Quantitative Impact Study (QIS), with the aim of providing a full picture of the consequences for credit institutions’ balance sheet and liquidity management of the introduction of a digital euro.
Amendment 395 #
Proposal for a regulation Article 16 – paragraph 1 a (new) 1a. For the purpose of Article 15(1), the European Central Bank together with the Single Supervisory Mechanism shall set amount limits for each individual transaction and for the overall amount of digital euro spent by digital euro users in a specific timeframe.
Amendment 396 #
Proposal for a regulation Article 16 – paragraph 1 a (new) 1a. The holding limit referred to in paragraph 1 shall be high enough to encourage the uptake of the digital euro and shall be gradually phased out until completely lifted.
Amendment 397 #
Proposal for a regulation Article 16 – paragraph 2 – introductory part 2. The parameters, duration, and use of the instruments referred to in paragraph 1 shall:
Amendment 398 #
Proposal for a regulation Article 16 – paragraph 2 – point a (a) safeguard the objectives set out in Article 15(1), in particular financial stability, especially as regards credit institutions and their lending capacity;
Amendment 399 #
Proposal for a regulation Article 16 – paragraph 2 – point a (a)
Amendment 400 #
Proposal for a regulation Article 16 – paragraph 2 – point b (b) ensure the usability and acceptance of the digital euro as a legal tender instrument, including without using the waterfall and reverse waterfall functionalities;
Amendment 401 #
Proposal for a regulation Article 16 – paragraph 2 – point b (b) ensure the usability, attractiveness to consumers and acceptance of the digital euro as a legal tender instrument;
Amendment 402 #
Proposal for a regulation Article 16 – paragraph 2 – point c Amendment 403 #
Proposal for a regulation Article 16 – paragraph 2 – point c (c) respect the principle of proportionality. To this effect, it may be possible to calculate an appropriate holding limit per natural person based on averages of daily use and the holding of cash by natural persons.
Amendment 404 #
Proposal for a regulation Article 16 – paragraph 2 – point c (c) respect the principle of proportionality, including in view of data protection and privacy objectives.
Amendment 405 #
Proposal for a regulation Article 16 – paragraph 2 – point c a (new) (ca) safeguard financial stability, while also having regard to the actual or potential negative effects the proposed limitations may have on financial stability;
Amendment 406 #
Proposal for a regulation Article 16 – paragraph 2 – point c a (new) (ca) safeguard the economic role of credit institutions, especially their lending capacity to SMEs;
Amendment 407 #
Proposal for a regulation Article 16 – paragraph 2 – point c a (new) (ca) safeguard stable funding of credit institutions and their lending capacity;
Amendment 408 #
Proposal for a regulation Article 16 – paragraph 2 – point c a (new) (ca) safeguard stable funding of credit institutions and their lending capacity;
Amendment 409 #
Proposal for a regulation Article 16 – paragraph 2 – point c b (new) (cb) take into account the interest of consumers;
Amendment 410 #
Proposal for a regulation Article 16 – paragraph 3 3. The European Central Bank shall publicly report on how it applied the parameters and use of the instruments referred to in paragraph 1, which shall be applied in a non-discriminatory manner and uniformly across the euro area. It shall also communicate on the duration of the envisaged phase-out path of the holding limits.
Amendment 411 #
Proposal for a regulation Article 16 – paragraph 3 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. Digital euro users who are not natural persons shall be subject to a digital euro holding limit of zero.
Amendment 412 #
Proposal for a regulation Article 16 – paragraph 3 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. Digital euro users who are not natural persons shall be subject to a digital euro holding limit of zero.
Amendment 413 #
Proposal for a regulation Article 16 – paragraph 3 a (new) 3a. The European Central Bank's Governing Council may decide to change the temporary holding limits twice per year. The Governing Council may only decide to maintain the existing temporary holding limit or increase the temporary holding limit. The temporary holding limit can not be decreased.
Amendment 414 #
Proposal for a regulation Article 16 – paragraph 5 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. PSPs may elect to charge visitors to the EU fees in order to use the digital euro.
Amendment 415 #
Proposal for a regulation Article 16 – paragraph 6 Amendment 416 #
Proposal for a regulation Article 16 – paragraph 6 Amendment 417 #
Proposal for a regulation Article 16 – paragraph 6 Amendment 418 #
Proposal for a regulation Article 16 – paragraph 6 6. In case a digital euro user has multiple digital euro payment accounts, the digital euro user shall specify to the payment service providers at the moment of opening their account with which the digital euro payment accounts are held in order to determine how the individual holding limit is to be allocated between the different digital euro payment accounts.
Amendment 419 #
Proposal for a regulation Article 16 – paragraph 6 6. In case a digital euro user has multiple digital euro payment accounts, the digital euro user shall specify ex-ante 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.
Amendment 420 #
Proposal for a regulation Article 16 – paragraph 7 Amendment 421 #
Proposal for a regulation Article 16 – paragraph 7 Amendment 422 #
Proposal for a regulation Article 16 – paragraph 7 Amendment 423 #
Proposal for a regulation Article 16 – paragraph 7 a (new) 7a. Payment service providers shall not impose additional holding, transaction or withdrawal limits on its digital euro accounts.
Amendment 424 #
Proposal for a regulation Article 16 – paragraph 8 Amendment 425 #
Proposal for a regulation Article 16 – paragraph 8 Amendment 426 #
Proposal for a regulation Article 16 – paragraph 8 8.
Amendment 427 #
Proposal for a regulation Article 16 – paragraph 8 8.
Amendment 428 #
Proposal for a regulation Article 16 – paragraph 8 8.
Amendment 429 #
Proposal for a regulation Article 16 – paragraph 8 8.
Amendment 430 #
Proposal for a regulation Article 16 – paragraph 8 8.
Amendment 431 #
Proposal for a regulation Article 16 – paragraph 8 8.
Amendment 432 #
Proposal for a regulation Article 16 a (new) Article16a Remuneration 1. The European Central Bank may take a decision to remunerate the digital euro. 2. The remuneration shall be paid by the eurosystem. 3. The European Central Bank Governing Council shall decide on the level of remuneration twice a year, in accordance with the framework set out in this Article. 4. The level of remuneration shall be determined based on parameters developed by the ECB. The parameters shall: (a) Ensure the usage of the digital euro; (b) Maintain the attractiveness and competitive position of the digital euro in relation to payment services offered by credit institutions, undertakings and other jurisdictions; (c) Consider financial stability implications, including the financial stability implications linked to a decision not to remunerate the digital euro. The European Central Bank shall publicly report on how it applied the parameters referred to in this paragraph. 5. The remuneration level may be tiered. 6. The level of remuneration shall be applied in a non-discriminatory manner and uniformly across the euro area.
Amendment 433 #
Proposal for a regulation Article 16 a (new) Article 16a For the purpose of Article 15(1), the European Central Bank together with the Single Supervisory Mechanism shall set amount limits for each individual transaction and for the overall amount of digital euro spent by digital euro users in a specific timeframe.
Amendment 434 #
Proposal for a regulation Article 17 – paragraph 1 1. For the purpose of Article 15(2), without prejudice to any possible fees charged on other digital euro payment services, payment services providers shall not charge fees to natural persons as referred to in Article 13(1), points (a), (b) and (c), for the provision of the basic digital euro payment services referred to in Annex 2, (a) to (c) and (e) to (g). For the purpose of Annex II, point (d), payment service providers may charge a reasonable fee. For natural persons which also hold a non-digital euro payment account with the same payment service provider, this reasonable fee shall not be higher than the lowest fee charged by PSPs to that natural person for cash deposit/withdrawal services connected to the non-digital euro payment account.
Amendment 435 #
Proposal for a regulation Article 17 – paragraph 1 1. For the purpose of Article 15(2), without prejudice to any possible fees charged on other digital euro payment services, payment services providers
Amendment 436 #
Proposal for a regulation Article 17 – paragraph 1 1. For the purpose of Article 15(2), without prejudice to any possible fees charged on other digital euro payment services, payment services providers
Amendment 437 #
Proposal for a regulation Article 17 – paragraph 1 1. For the purpose of Article 15(2), without prejudice to any possible fees charged on other digital euro payment services, payment services providers shall not charge transactional fees to natural persons as referred to in Article 13(1), points (a), (b) and (c), for the provision of the basic digital euro payment services referred to in Annex 2.
Amendment 438 #
Proposal for a regulation Article 17 – paragraph 1 a (new) 1a. The European Central Bank shall set a limit on the number of transactions free of charge which are included in the “basic services” set out in Annex II.
Amendment 439 #
Proposal for a regulation Article 17 – paragraph 1 a (new) 1a. The European Central Bank shall set a limit on the number of transactions free of charge which are included in the “basic services” set out in Annex II.
Amendment 440 #
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
Amendment 441 #
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
Amendment 442 #
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.
Amendment 443 #
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.
Amendment 444 #
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 fixed two amounts:
Amendment 445 #
Proposal for a regulation Article 17 – paragraph 2 – point a Amendment 446 #
Proposal for a regulation Article 17 – paragraph 2 – point a Amendment 447 #
Proposal for a regulation Article 17 – paragraph 2 – point a Amendment 448 #
Proposal for a regulation Article 17 – paragraph 2 – point a Amendment 449 #
Proposal for a regulation Article 17 – paragraph 2 – point a (a) the sum of all of the relevant costs incurred by payment services providers for the provision of digital euro payment services, including a reasonable margin of profit;
Amendment 450 #
Proposal for a regulation Article 17 – paragraph 2 – point a (a) the sum of all of the relevant costs incurred by payment services providers for the provision of digital euro payment services, including a reasonable margin of profit;
Amendment 451 #
Proposal for a regulation Article 17 – paragraph 2 – point b Amendment 452 #
Proposal for a regulation Article 17 – paragraph 2 – point b Amendment 453 #
Proposal for a regulation Article 17 – paragraph 2 – point b Amendment 454 #
Proposal for a regulation Article 17 – paragraph 2 – point b Amendment 455 #
Proposal for a regulation Article 17 – paragraph 2 – point b Amendment 456 #
Proposal for a regulation Article 17 – paragraph 2 – point b Amendment 457 #
Proposal for a regulation Article 17 – paragraph 2 – subparagraph 1 (new) Payment service providers should be able to charge services up to the costs incurred, in order to avoid any distortion of competition rules.
Amendment 458 #
Proposal for a regulation Article 17 – paragraph 2 a (new) 2a. For the purposes of Article 15(2), payment service providers shall not charge flat fees to merchants and public sector entities that would only apply in respect of the acceptance of digital euro.
Amendment 459 #
Proposal for a regulation Article 17 – paragraph 2 b (new) 2b. For the purpose of Article 15(2) and to ensure the widest possible acceptance of the digital euro, low value payments beneath a certain limit shall carry no merchant service charge or inter-PSP fee. The Commission shall be empowered to adopt delegated acts in accordance with Article 38 to set such limits.
Amendment 460 #
Proposal for a regulation Article 17 – paragraph 3 3. The European Central Bank shall regularly monitor the information that is relevant for the purposes of the amounts referred to in paragraph 2, and publish periodically the amounts resulting from that monitoring with an explanatory report. Based upon these publications, and notwithstanding paragraph 2, the Commission is empowered to set binding caps on merchant service charges and interchange fees chargeable by PSPs to ensure that the digital euro remains attractive to consumers.
Amendment 461 #
Proposal for a regulation Article 17 – paragraph 3 3. The European Central Bank shall regularly monitor the information that is relevant for the purpose
Amendment 462 #
Proposal for a regulation Article 17 – paragraph 3 3. The European Central Bank shall
Amendment 463 #
Proposal for a regulation Article 17 – paragraph 3 3. The European C
Amendment 464 #
Proposal for a regulation Article 17 – paragraph 4 4. The European C
Amendment 465 #
Proposal for a regulation Article 17 – paragraph 4 4. The European Central Bank may require payment service providers to provide all information necessary for the application of this Article and to verify compliance with it. Where this information concerns personal data, the European Central Bank shall require only the data that is strictly necessary for the purposes of the processing, and with full implementation of the principle of data minimisation. Any information requested shall be sent by payment service providers within the time limit set by the European Central Bank. The European Central Bank may require that such information is certified by an independent auditor.
Amendment 466 #
Proposal for a regulation Article 17 – paragraph 4 4.
Amendment 467 #
Proposal for a regulation Article 17 – paragraph 4 4. The European Central Bank may require payment service providers to provide all information necessary for the application of this Article and to verify compliance with it. Any information requested shall be sent by payment service providers within the time limit set by the European Central Bank. The European Central Bank
Amendment 468 #
Proposal for a regulation Article 17 – paragraph 4 – subparagraph 1 (new) Where the information referred to in paragraph 4 concerns personal data, the European Central Bank shall require only the data that is strictly necessary for the purposes of the processing, and in full implementation of the principle of data minimisation. The requests for information by the ECB shall always be in writing, reasoned and occasional, and shall not concern the entirety of a filing system or lead to the interconnection of filing systems.
Amendment 469 #
Proposal for a regulation Article 17 – paragraph 4 a (new) 4a. Where the information referred to in paragraph 4 concerns personal data, the European Central Bank shall require only the data that is strictly necessary for the purposes of the processing, and in full implementation of the principle of data minimisation. The requests for information by the ECB shall always be in writing, reasoned and occasional, and shall not concern the entirety of a filing system or lead to the interconnection of filing systems.
Amendment 470 #
Proposal for a regulation Article 17 – paragraph 5 Amendment 471 #
Proposal for a regulation Article 17 – paragraph 5 Amendment 472 #
Proposal for a regulation Article 17 – paragraph 5 – introductory part 5. The
Amendment 473 #
Proposal for a regulation Article 17 – paragraph 5 – introductory part 5. The
Amendment 474 #
Proposal for a regulation Article 17 – paragraph 5 – introductory part 5. The methodology to be developed by the European C
Amendment 475 #
Proposal for a regulation Article 17 – paragraph 5 – point a Amendment 476 #
Proposal for a regulation Article 17 – paragraph 5 – point a Amendment 477 #
Proposal for a regulation Article 17 – paragraph 5 – point a (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 provider
Amendment 478 #
Proposal for a regulation Article 17 – paragraph 5 – point a (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 C
Amendment 479 #
Proposal for a regulation Article 17 – paragraph 5 – point b Amendment 480 #
Proposal for a regulation Article 17 – paragraph 5 – point b Amendment 481 #
Proposal for a regulation Article 17 – paragraph 5 – point b (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 C
Amendment 482 #
Proposal for a regulation Article 17 – paragraph 5 – point c Amendment 483 #
Proposal for a regulation Article 17 – paragraph 5 – point c Amendment 484 #
Proposal for a regulation Article 17 – paragraph 5 – point c Amendment 485 #
Proposal for a regulation Article 17 – paragraph 5 – point c (c) the amount of inter-PSPs fees and merchant service charges as referred to in paragraph 2(b) shall be based on
Amendment 486 #
Proposal for a regulation Article 17 – paragraph 5 – point c (c) the amount of inter-PSPs fees and merchant service charges as referred to in paragraph 2(b) shall be based on the fees and charges applied by the most cost- efficient a representative group of payment services providers providing comparable digital means of payment in the euro area;
Amendment 487 #
Proposal for a regulation Article 17 – paragraph 5 – point d (d) the methodology to be developed by the European Central Bank for the monitoring and the calculations of the amounts referred to in paragraphs 2
Amendment 488 #
Proposal for a regulation Article 17 – paragraph 5 – subparagraph 1 (new) When preparing those delegated acts, the Commission shall consult the European Central Bank
Amendment 489 #
Proposal for a regulation Article 17 – paragraph 7 7. No inter
Amendment 490 #
Proposal for a regulation Article 17 – paragraph 7 a (new) By 18 months after the first issuance of the digital euro and after consulting the ECB, the Commission shall present a report to the European Parliament and the Council on the level of fees and charges applied to digital euro services by payment service provides, accompanied, where appropriate, by a legislative proposal. The report shall contain at least the following: (a) an assessment of the level of fees levied on consumers by payment service providers when providing digital euro payment services; (b) an assessment of the level of merchant service charges levied by payment service providers; (c) an assessment of the level of inter-PSP fees.
Amendment 491 #
Proposal for a regulation Article 17 – paragraph 7 a (new) 7a. In the case where the payment service provider of the payee is different from the liquidity providing intermediary as defined in article 2 paragraph 7a, a share of the merchant service charge applied by the payment service provider of the payee is transferred to the liquidity providing intermediary
Amendment 492 #
Proposal for a regulation Article 17 – paragraph 7 b (new) 7b. In the case where the payment services provider of the payer is different from the liquidity providing intermediary, as defined in article 2 paragraph 7a, a share of the fees applied by the payment service provider of the payer is transferred to the liquidity providing intermediary.
Amendment 493 #
Proposal for a regulation Article 17 – paragraph 7 c (new) 7c. The fees applicable in cases described in paragraph 7a and 7b shall be based on the relevant costs incurred by the credit institution holding the commercial bank account.
Amendment 494 #
Proposal for a regulation Article 17 a (new) Article 17a Comparability of fees for optional and value-added services 1. For optional and value-added services Article 3, 4, 5 paragraph 3, 4 and 5, Article 6, 7 and 8 of the Directive 2014/92/EU on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features shall apply to digital euro accounts. 2. Without prejudice to Articles 47 and 48 of Directive 2007/64/EC and Article 12 of Directive 2008/48/EC, Member States shall ensure that payment service providers provide the consumer, at least annually and free of charge, with a statement of all fees incurred for optional and value-added services linked to a digital euro account. Where applicable, payment service providers shall use the standardised terms set out in the final list referred to in Article 3(5) of the Directive 2014/92/EU. The communication channel used to provide the statement of fees shall be agreed with the consumer. The statement of fees shall be provided on paper at least upon the request of the consumer. 3. The statement of fees shall specify at least the following information: (a) the unit fee charged for each service and the number of times the service was used during the relevant period, and where the services are combined in a package, the fee charged for the package as a whole, the number of times the package fee was charged during the relevant period and the additional fee charged for any service exceeding the quantity covered by the package fee; (b) the total amount of fees incurred during the relevant period for each service, each package of services provided and services exceeding the quantity covered by the package fee; (c) the total amount of fees charged for all services provided during the relevant period.
Amendment 495 #
Proposal for a regulation Article 17 a (new) Article17a Comparability of fees for optional and value-added services 1. For optional and value-added services Article 3, 4, 5 paragraph 3, 4 and 5, Article 6, 7 and 8 of the Directive 2014/92/EU on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features shall apply to digital euro accounts. Without prejudice to Articles 47 and 48 of Directive 2007/64/EC and Article 12 of Directive 2008/48/EC, Member States shall ensure that payment service providers provide the consumer, at least annually and free of charge, with a statement of all fees incurred for optional and value-added services linked to a digital euro account. Where applicable, payment service providers shall use the standardised terms set out in the final list referred to in Article 3(5) of the Directive 2014/92/EU. The communication channel used to provide the statement of fees shall be agreed with the consumer. The statement of fees shall be provided on paper at least upon the request of the consumer. 2. The statement of fees shall specify at least the following information: (a) the unit fee charged for each service and the number of times the service was used during the relevant period, and where the services are combined in a package, the fee charged for the package as a whole, the number of times the package fee was charged during the relevant period and the additional fee charged for any service exceeding the quantity covered by the package fee; (b) the total amount of fees incurred during the relevant period for each service, each package of services provided and services exceeding the quantity covered by the package fee; (c) the total amount of fees charged for all services provided during the relevant period.
Amendment 496 #
Proposal for a regulation Article 18 – paragraph 1 1. Payment service providers may only distribute the digital euro to natural and legal persons residing or established in a Member State whose currency is not the euro if the European Central Bank and the national central bank of that Member State have signed an arrangement to that effect. Under such arrangement, natural and legal persons residing or established in that Member State wishing to become digital euro users shall receive the same conditions and opportunities for the use of the digital euro as digital euro users in Member States whose currency is the euro, without prejudice to European Central Bank’s prerogative to safeguard the objectives of its monetary policy.
Amendment 497 #
Proposal for a regulation Article 18 – paragraph 1 1. Payment service providers may only distribute the digital euro to natural and legal persons residing or established in a Member State whose currency is not the euro if the European Central Bank and the national central bank of that Member State have signed an a
Amendment 498 #
Proposal for a regulation Article 18 – paragraph 1 1. Payment service providers may only distribute the digital euro to natural and legal persons residing or established in a Member State whose currency is not the euro if the European Central Bank and the national central bank of that Member State have signed an a
Amendment 499 #
Proposal for a regulation Article 18 – paragraph 2 – introductory part 2. The signing of the a
Amendment 500 #
Proposal for a regulation Article 18 – paragraph 2 – introductory part 2. The signing of the a
Amendment 501 #
Proposal for a regulation Article 18 – paragraph 2 – point b – introductory part (b) in its request, the Member State whose currency is not the euro has undertaken to conclude an agreement with the European Central Bank that should include at minimum the following commitments :
Amendment 502 #
Proposal for a regulation Article 18 – paragraph 2 – point b – introductory part (b) in its request, the Member State whose currency is not the euro has undertaken to conclude an agreement with the European Central Bank that should include at minimum the following commitments:
Amendment 503 #
Proposal for a regulation Article 18 – paragraph 3 3. The agreement referred to in paragraph 1shall specify the necessary implementing measures and procedures, and the cases under which the agreement may be restricted, suspended, or terminated, in particular where the third country has been identified as a third country with significant strategic deficiencies in its national anti-money laundering and combating the financing of terrorism regime as referred to in Article 23 of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final] or as a third country with compliance weaknesses in its national anti-money laundering and combating the financing of terrorism regime as referred to in Article 24 of Regulation [please insert reference – proposal for Anti- Money Laundering Regulation - COM/2021/420 final] or as a third country posing a threat to the Union’s financial system as referred to in Article 25 of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final]. That agreement shall be complemented by an arrangement between the European Central Bank and the national central bank and, where appropriate, the national competent authority of the third country.
Amendment 504 #
Proposal for a regulation Article 18 – paragraph 3 3. The a
Amendment 505 #
Proposal for a regulation Article 18 – paragraph 4 4.
Amendment 506 #
Proposal for a regulation Article 19 – paragraph 2 – point a – introductory part (a) the third country ensures, subject to a verification procedure by the European Central Bank, that:
Amendment 507 #
Proposal for a regulation Article 19 – paragraph 2 – point c (c) the third country ensures that intermediaries established or operating in the third country that distribute the digital euro are subject to supervisory and regulatory requirements, that are at least equivalent to those applied to payment service providers established in the Union. This equivalence shall be verified by an equivalence decision in the form of an implementing act of the Commission.
Amendment 508 #
Proposal for a regulation Article 19 – paragraph 3 3. The agreement between the Union and the third country shall specify the necessary implementing measures and procedures, and the cases under which the agreement may be restricted, suspended, or terminated, in particular where the third country has been identified as a third country with significant strategic deficiencies in its national anti-money laundering and combating the financing of terrorism regime as referred to in Article 23 of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final] or as a third country with compliance weaknesses in its national anti-money laundering and combating the financing of terrorism regime as referred to in Article 24 of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final] or as a third country posing a specific and serious threat to the Union’s financial system as referred to in Article 25 of Regulation [insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final]. That agreement shall be complemented by an arrangement between the European Central Bank and the national central bank and, where appropriate, the national competent authority of the third country.
Amendment 509 #
Proposal for a regulation Article 19 – paragraph 3 3. The agreement between the Union and the third country shall specify the necessary implementing measures and procedures, and the cases under which the agreement may be restricted, suspended, or terminated, in particular where the third country has been identified as a third country with significant strategic deficiencies in its national anti-money laundering and combating the financing of terrorism regime as referred to in Article 23 of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final] or as a third country with compliance weaknesses in its national anti-money laundering and combating the financing of terrorism regime as referred to in Article 24 of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final].
Amendment 510 #
Proposal for a regulation Article 20 – paragraph 2 2. Subject to further conditions that may be agreed upon between the Union and the third country or territory concerned and subject to the conclusion of an agreement between the relevant third country’s central bank and the European Central Bank, the distribution of the digital euro to natural and legal persons residing or established in third countries or territories governed by the monetary agreement referred to in paragraph 1 shall meet the requirements laid down in this Regulation.
Amendment 511 #
Proposal for a regulation Article 21 – paragraph 1 1.
Amendment 512 #
Proposal for a regulation Article 21 – paragraph 2 2. The European Central Bank
Amendment 513 #
Proposal for a regulation Article 22 – paragraph 2 Amendment 514 #
Proposal for a regulation Article 22 – paragraph 2 Amendment 515 #
Proposal for a regulation Article 22 – paragraph 2 2. In their relationships with their payment services providers for the provision of digital euro payment services, digital euro users shall not be required to have or open non-digital euro payment accounts or accept other non-digital euro products
Amendment 516 #
Proposal for a regulation Article 22 – paragraph 2 2. In their relationships with their
Amendment 517 #
Proposal for a regulation Article 22 – paragraph 5 5. Payment service providers shall allow the use of digital euro payment account
Amendment 518 #
Proposal for a regulation Article 22 – paragraph 5 5. Payment service providers shall allow the use of digital euro payment account
Amendment 519 #
Proposal for a regulation Article 22 – paragraph 5 5. Payment service providers shall allow the use of digital euro payment
Amendment 520 #
Proposal for a regulation Article 22 – paragraph 5 5.
Amendment 521 #
Proposal for a regulation Article 23 – paragraph 1 1. The digital euro shall be available for both online and offline digital euro payment transactions
Amendment 522 #
Proposal for a regulation Article 23 – paragraph 1 1. The digital euro shall be available for both online and offline digital euro payment transactions
Amendment 523 #
Proposal for a regulation Article 23 – paragraph 1 1. The digital euro shall be available for both online and offline digital euro payment transactions
Amendment 524 #
Proposal for a regulation Article 24 – paragraph 1 – introductory part 1. To ensure that
Amendment 525 #
Proposal for a regulation Article 24 – paragraph 1 – point a (a) adopt detailed measures, rules and standards in accordance with Article 5(2) that payment service providers can use to ensure interoperable conditional digital euro payment transactions, pending the approval of the co-legislatures ;
Amendment 526 #
Proposal for a regulation Article 24 – paragraph 1 – point b a (new) (ba) adopt standards in order to allow the Digital Euro to be referenced on distributed ledgers or other technologies that may exist or come along in future.
Amendment 527 #
Proposal for a regulation Article 24 – paragraph 2 2.
Amendment 528 #
Proposal for a regulation Article 25 – paragraph 1 Amendment 529 #
Proposal for a regulation Article 25 – paragraph 1 Amendment 530 #
Proposal for a regulation Article 26 – paragraph -1 (new) -1 To ensure that the rules governing digital payment services in euro meet market needs and technological developments over time, following a transparent process including the active involvement of all stakeholders, the rulebook for the digital euro system shall be jointly governed by the European Central Bank and a payment system operator representing European payment service providers and users.
Amendment 531 #
Proposal for a regulation Article 26 – paragraph 1 The European Central Bank shall seek to ensure to the extent possible the interoperability of standards governing digital euro payment services with relevant standards governing private digital means of payment. The European Central Bank shall
Amendment 532 #
Proposal for a regulation Article 26 – paragraph 1 The European Central Bank shall seek to ensure to the extent possible the interoperability of standards governing digital euro payment services with relevant standards governing private digital means of payment. The European Central Bank shall
Amendment 533 #
Proposal for a regulation Article 26 – paragraph 1 The European Central Bank shall seek to ensure to the extent possible the
Amendment 534 #
Proposal for a regulation Article 26 – paragraph 2 Amendment 535 #
Proposal for a regulation Article 27 – paragraph 1 1. Without prejudice to the disputes concerning the lawfulness of the processing of personal data, disputes between digital euro users and payment service providers in respect to digital euro services shall be governed by Directive 2015/2366. Directive (EU) 2020/1828 shall apply to the representative actions brought against infringements of provisions of this Regulation that harm or may harm the collective interests of consumers.
Amendment 536 #
Proposal for a regulation Article 27 – paragraph 1 1. Without prejudice to the disputes concerning the lawfulness of the processing of personal data, disputes between digital euro users and payment service providers in respect to digital euro services shall be governed by Directive 2015/2366. Directive (EU) 2020/1828 shall apply to the representative actions brought against infringements of provisions of this Regulation that harm or may harm the collective interests of consumers.
Amendment 537 #
Proposal for a regulation Article 27 – paragraph 1 1. Without prejudice to the disputes concerning the lawfulness of the processing of personal data, disputes between digital euro users and payment service providers in respect to digital euro services shall be governed by Directive 2015/2366. Directive (EU) 2020/1828 shall apply to the representative actions brought against infringements of provisions of this Regulation that harm or may harm the collective interests of consumers.
Amendment 538 #
Proposal for a regulation Article 27 – paragraph 2 2. The European Central Bank and the national central banks
Amendment 539 #
Proposal for a regulation Article 27 – paragraph 2 2. The European Central Bank and the national central banks
Amendment 540 #
Proposal for a regulation Article 27 – paragraph 3 Amendment 541 #
Proposal for a regulation Article 27 – paragraph 3 Amendment 542 #
Proposal for a regulation Article 27 – paragraph 3 Amendment 543 #
Proposal for a regulation Article 27 – paragraph 3 Amendment 544 #
Proposal for a regulation Article 27 – paragraph 3 Amendment 545 #
Proposal for a regulation Article 27 – paragraph 3 Amendment 546 #
Proposal for a regulation Article 27 – paragraph 3 3.
Amendment 547 #
Proposal for a regulation Article 27 – paragraph 3 a (new) 3a. This dispute mechanism must be easily available for digital euro users and provide solutions within a reasonable period of time. The PSPs shall adhere to the timelines set out in the Payment Services Regulation COM/2023/367 final2 and the liability regime. The PSPs shall accept the outcome of the dispute mechanism which is monitored by the European Central Bank and national competent authorities
Amendment 548 #
Proposal for a regulation Article 28 – paragraph 1 – subparagraph 1 – introductory part Payment service providers distributing the digital euro shall
Amendment 549 #
Proposal for a regulation Article 28 – paragraph 1 – subparagraph 1 – introductory part Payment service providers distributing the digital euro shall at a minimum provide digital euro users with
Amendment 550 #
Proposal for a regulation Article 28 – paragraph 1 – subparagraph 1 – introductory part Payment service providers distributing the digital euro shall at least provide digital euro users with
Amendment 551 #
Proposal for a regulation Article 28 – paragraph 1 – subparagraph 1 – introductory part Payment service providers distributing the digital euro shall at a minimum provide digital euro users with the
Amendment 552 #
Proposal for a regulation Article 28 – paragraph 1 – subparagraph 1 – introductory part Payment service providers distributing the digital euro shall provide digital euro users
Amendment 553 #
Proposal for a regulation Article 28 – paragraph 1 – subparagraph 1 – point a Amendment 554 #
Proposal for a regulation Article 28 – paragraph 1 – subparagraph 1 – point a (a) front-end services developed by payment service providers;
Amendment 555 #
Proposal for a regulation Article 28 – paragraph 1 – subparagraph 1 – point a (a) front-end services developed by payment service providers;
Amendment 556 #
Proposal for a regulation Article 28 – paragraph 1 – subparagraph 1 – point a (a) front-end services developed by payment service providers;
Amendment 557 #
Proposal for a regulation Article 28 – paragraph 1 – subparagraph 1 – point a (a) front-end services developed by payment service providers;
Amendment 558 #
Proposal for a regulation Article 28 – paragraph 1 – subparagraph 1 – point b Amendment 559 #
Proposal for a regulation Article 28 – paragraph 1 – subparagraph 1 a (new) The front-end services developed by payment service providers in accordance with point (a) of the first subparagraph should follow a clear branding developed by the European Central Bank that differentiates digital euro services from other payment services.
Amendment 560 #
Proposal for a regulation Article 28 – paragraph 1 – subparagraph 2 Amendment 561 #
Proposal for a regulation Article 28 – paragraph 2 Amendment 562 #
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. To that extent, the European Central Bank shall ensure that any front- end services it develops are implementable by payment service providers and usable by digital euro users without requiring any transfer of personal data to the European Central Bank or intermediary services provided by the European Central Bank.
Amendment 563 #
Proposal for a regulation Article 28 – paragraph 3 – point a a (new) (aa) digital euro payment services convey the public nature of the digital euro;
Amendment 564 #
Proposal for a regulation Article 29 – paragraph 1 1. Payment Service Providers
Amendment 565 #
Proposal for a regulation Article 29 – paragraph 1 1. Payment Service Providers executing digital euro payment transactions shall verify whether any of their digital euro users are listed persons or entities. Payment service providers shall carry out such verifications
Amendment 566 #
Proposal for a regulation Article 29 – paragraph 2 2. During the execution of a digital euro payment transaction, the payer’s payment service provider and the payee’s payment service provider involved in the execution of
Amendment 567 #
Proposal for a regulation Article 29 – paragraph 1 a (new) 1a. Paragraph 1 is without prejudice to actions taken by PSPs in order to comply with restrictive measures, other than targeted financial restrictive measures, adopted in accordance with Article 215 TFEU, with restrictive measures that are not adopted in accordance with Article 215 TFEU, or with Union law on the prevention of money laundering and terrorist financing.
Amendment 568 #
Proposal for a regulation Article 29 – paragraph 3 Amendment 569 #
Proposal for a regulation Article 30 – paragraph 1 a (new) 1a. The ECB and Commission shall jointly within six months of the publication of this legislation lay out precisely how the issue of "double spend", meaning where a digital Euro is duplicated and spent several times, shall be dealt with including how the user shall be reimbursed for their lost funds in cases of a technical problem that does not lie in the area of the responsibility of the user. This report shall consider options such as: a) limiting offline digital euro transactions limited to the amount of 250 euro per transaction b) deactivation of the offline digital euro function in cases of known security vulnerabilities, that risk double spending or other attacks on the digital euro. c) a time limit on how long an offline wallet can go unspent
Amendment 570 #
Proposal for a regulation Article 30 – paragraph 2 2. Final settlement of online digital euro payment transactions shall occur at the moment of recording the transfer of the digital euros concerned from the payer to the payee in the digital euro settlement infrastructure approved by the Eurosystem. The settlement infrastructure shall be designed in such a way that neither the European Central Bank nor national central banks can attribute data to an identified or identifiable digital euro user.
Amendment 571 #
Proposal for a regulation Article 30 – paragraph 2 2. Final settlement of online digital euro payment transactions shall occur at the moment of recording the transfer of the digital euros concerned from the payer to the payee in the digital euro settlement infrastructure approved by the Eurosystem. The settlement infrastructure shall be designed in such a way that neither the European Central Bank nor national central banks can attribute data to an identified or identifiable digital euro user.
Amendment 572 #
Proposal for a regulation Article 30 – paragraph 3 a (new) 3a. The settlement infrastructure shall be developed in compliance with the principles of data protection by design and by default, as defined in Regulation (EU) 2016/679, and designed in such a way that neither the European Central Bank nor national central banks can attribute data to an identified or identifiable Digital Euro user.
Amendment 573 #
Proposal for a regulation Article 31 – paragraph 1 1. Payment service providers shall enable digital euro users at their request to switch their digital euro payment accounts to other payment service providers while maintaining the same
Amendment 574 #
Proposal for a regulation Article 31 – paragraph 1 1. Payment service providers shall enable digital euro users at their request to switch their digital euro payment accounts to other payment service providers while maintaining the same
Amendment 575 #
Proposal for a regulation Article 31 – paragraph 1 1. Payment service providers shall enable digital euro users at their request to switch their digital euro payment accounts to other payment service providers while maintaining the same
Amendment 576 #
Proposal for a regulation Article 31 – paragraph 1 1. Payment service providers shall enable digital euro users at their request to switch their digital euro payment accounts to other payment service providers while maintaining the same
Amendment 577 #
Proposal for a regulation Article 31 – paragraph 1 1. Payment service providers shall enable digital euro users at their request to switch free of charge their digital euro payment accounts to other payment service providers while maintaining the same account identifiers.
Amendment 578 #
Proposal for a regulation Article 31 – paragraph 1 1. Payment service providers shall enable digital euro users at their request to switch their digital euro payment accounts free of charge to other payment service providers while maintaining the same account identifiers.
Amendment 579 #
Proposal for a regulation Article 31 – paragraph 2 2. In exceptional circumstances where a payment service provider is operationally not in a position to provide digital euro payment services to digital euro users for a prolonged period of time, or has lost the digital euro payment account-related data concerned, the European Central Bank and national central banks may authorise the switching of digital euro payment accounts held with that payment service provider to another payment service provider designated by the digital euro user. That switching shall enable the new payment service provider to complete the switching without relying on the unavailable payment service provider. The switching service shall not result in data access by the European Central Bank and national central banks under normal circumstances.
Amendment 580 #
Proposal for a regulation Article 32 – paragraph 1 1. The European Central Bank may facilitate the fraud detection and prevention tasks that payment service providers shall perform under Directive 2015/2366 by establishing a general fraud detection and prevention mechanism for online
Amendment 581 #
Proposal for a regulation Article 32 – paragraph 1 1. The European Central Bank may facilitate the fraud detection and prevention tasks that payment service providers shall perform under Directive 2015/2366 by establishing a general fraud detection and prevention mechanism for online digital euro transactions to ensure the smooth and efficient functioning of the digital euro. That general fraud detection and prevention mechanism may be operated directly by the European Central Bank and the National Central Banks or by the providers of support services designated by the European Central Bank.
Amendment 582 #
Proposal for a regulation Article 32 – paragraph 2 2. The European Central Bank shall consult the European Data Protection Supervisor and the Anti-Money Laundering Authority prior to developing the details on the operational elements of the fraud detection and prevention mechanism.
Amendment 583 #
Proposal for a regulation Article 32 – paragraph 2 2. The European Central Bank shall consult the European Data Protection Supervisor and the Anti-Money Laundering Authority prior to developing the details on the operational elements of the fraud detection and prevention mechanism.
Amendment 584 #
Proposal for a regulation Article 32 – paragraph 2 2. The European Central Bank
Amendment 585 #
Proposal for a regulation Article 32 – paragraph 3 – point b (b) support payment service providers in securing payment information and detecting fraudulent transactions in online digital euro payment transactions that have been settled.
Amendment 586 #
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];
Amendment 587 #
Proposal for a regulation Article 32 – paragraph 4 4. For the purpose of this Article, payment service providers shall provide the fraud detection and prevention mechanism with information referred to in Annex
Amendment 588 #
Proposal for a regulation Article 32 – paragraph 4 4. For the purpose of this Article, payment service providers shall provide the fraud detection and prevention mechanism with information referred to in Annex 5. Payment service providers shall implement appropriate technical and organisational measures including state-of-the-art security and privacy-preserving measures to ensure that the support service shall not be able to directly identify the digital euro users on the basis of the information provided to the fraud detection and prevention mechanism. Payment Service Providers, the European Central Bank and national Central Banks shall implement appropriate technical and organisational measures to ensure that the processing of personal data is carried out in such a manner that the personal data can no longer be attributed to an individual digital euro user without the use of additional information in accordance with Article 4 (5) GDPR.
Amendment 589 #
Proposal for a regulation Article 32 – paragraph 4 4. For the purpose of this Article, payment service providers shall provide the fraud detection and prevention mechanism with information referred to in Annex 5. Payment service providers shall implement appropriate technical and organisational measures including state-of-the-art security and privacy-preserving measures to ensure that the support service shall not be able to
Amendment 590 #
Proposal for a regulation Article 33 a (new) Article33a Processing of transaction data 1. Data about payment transactions of the digital euro shall only be processed for purposes contained in an exhaustive list and not for commercial purposes or shared with third parties within the open banking framework. 2. The only purposes for which payment data shall be processed are those described in Articles 34-37. 3. In the case a user of the digital euro is reidentified based on pseudonymous data without their consent by the fraud detection unit, the anti-money laundering unit, the ECB or any other law enforcement or public agency, that user has to be informed about their re- identification and its circumstances at the earliest point in time or at the latest when the investigation is concluded.
Amendment 591 #
Proposal for a regulation Article 34 – paragraph 1 – subparagraph 1 – introductory part Payment service providers perform a task
Amendment 592 #
Proposal for a regulation Article 34 – paragraph 1 – subparagraph 1 – introductory part Payment service providers
Amendment 593 #
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:
Amendment 594 #
Proposal for a regulation Article 34 – paragraph 1 – subparagraph 1 – introductory part Payment service providers
Amendment 595 #
Proposal for a regulation Article 34 – paragraph 1 – subparagraph 1 – point a (a) the enforcement of limits,
Amendment 596 #
Proposal for a regulation Article 34 – paragraph 1 – subparagraph 1 – point a (a) the enforcement of limits,
Amendment 597 #
Proposal for a regulation Article 34 – paragraph 1 – subparagraph 1 – point c (c)
Amendment 598 #
Proposal for a regulation Article 34 – paragraph 1 – subparagraph 1 – point c (c) the provision of offline digital euro,
Amendment 599 #
Proposal for a regulation Article 34 – paragraph 1 – subparagraph 1 a (new) No further processing of personal data shall be allowed.
Amendment 600 #
Proposal for a regulation Article 34 – paragraph 1 – subparagraph 1 b (new) For the provision of online digital euro below a maximum monthly payment transaction limit of EUR 3000 and for offline digital euro, the processing of personal data by payment service providers is limited to funding and defunding in accordance with Article 37 paragraphs 3, 4 and 5.
Amendment 601 #
Proposal for a regulation Article 34 – paragraph 1 a (new) 1a. By way of derogation from the Regulation (EU) [please insert reference – proposal for a Regulation on payment services in the internal market and amending Regulation (EU) No 1093/2010 - COM(2023) 367 final], personal data on digital euro accounts shall not be used, accessed or stored by third parties.
Amendment 602 #
Proposal for a regulation Article 34 – paragraph 2 – subparagraph 1 (new) All personal data not processed for the purposes outlined in (1) (a) - (e) will be treated in accordance with the GDPR regulation.
Amendment 603 #
Proposal for a regulation Article 34 – paragraph 3 – subparagraph 1 Amendment 604 #
Proposal for a regulation Article 34 – paragraph 3 – subparagraph 1 Amendment 605 #
Proposal for a regulation Article 34 – paragraph 3 – subparagraph 2 Payment service providers shall be considered to be the controllers of personal data as regards the purposes referred to in paragraph 1 of this Article.
Amendment 606 #
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
Amendment 607 #
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
Amendment 608 #
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
Amendment 609 #
Proposal for a regulation Article 34 – paragraph 4 a (new) 4a. This Article is without prejudice to additional digital euro payment services developed and provided by payment service providers on top of basic digital euro payment services, for which Article 6(1)(a) or (b) of Regulation (EU) 2016/679 would apply, considering that these services are subject to Directive (EU) 2015/2366.
Amendment 610 #
Proposal for a regulation Article 34 – paragraph 4 b (new) 4b. For the purpose of authentication and identification and in line with the principles of data minimisation and privacy by design and by default as laid down in 2016/679/EU, payment service providers shall provide by default authentication and identification methods which do not rely on biometric data.
Amendment 611 #
Proposal for a regulation Article 35 – paragraph 1 – point d (d) supporting verification by payment service providers of whether a prospective user already has digital euro payment accounts with other payment service providers in order to prevent the circumvention of those limits
Amendment 612 #
Proposal for a regulation Article 35 – paragraph 3 Amendment 613 #
Proposal for a regulation Article 35 – paragraph 3 Amendment 614 #
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 and indirectly identify individual digital euro users. In particular, such measures shall ensure that personal data are pseudonymised in such a manner that these data can no longer be attributed by the European Central Bank or the national central banks to an individual digital euro user without the use of additional information. When implementing these technical and organisational measures, the ECB and national central banks shall implement principles of data protection by design and by default, as defined in Regulation (EU) 2016/679.
Amendment 615 #
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 no longer directly or indirectly identify individual digital euro users without the use of additional information.
Amendment 616 #
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. All data related to the digital euro should be stored in Europe.
Amendment 617 #
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
Amendment 618 #
Proposal for a regulation Article 35 – paragraph 6 a (new) 6a. The European Central Bank shall in cooperation with payment service providers take all necessary measures to ensure the effectiveness of data subjects' rights under the General Data Protection Regulation.
Amendment 619 #
Proposal for a regulation Article 35 – paragraph 8 8. For purpose of supporting the task of payment service providers to enforce the holding limits in accordance to Article 16(1) and ensuring the emergency switching upon the request of the user in accordance with Article 31(2), the ECB may alone or jointly with national central banks establish a single access point of digital euro user identifiers and the related digital euro holding limits as referred to in point (4) of Annex 4. The European Central Bank 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 inferred from the information accessed via the single access point by entities other than payment service providers whose customer or potential customer is the digital euro user. When implementing these technical and organisational measures, the European Central Bank shall implement principles of data protection by design and by default, as defined in Regulation (EU) 2016/679.
Amendment 620 #
Proposal for a regulation Article 35 – paragraph 8 8. For purpose of supporting the task of payment service providers to enforce the holding limits in accordance to Article 16(1) and ensuring the emergency switching upon the request of the user in accordance with Article 31(2), the ECB may alone or jointly with national central banks establish a
Amendment 621 #
Proposal for a regulation Article 36 – paragraph 1 – introductory part 1. Where the European Central Bank decides to confer tasks referred to in Article 27 and 32 upon providers of support services, providers of support services shall provide payment-related services across PSPs. In such a situation, payment service providers
Amendment 622 #
Proposal for a regulation Article 36 – paragraph 1 – introductory part 1. Where the European Central Bank decides to confer tasks referred to in Article 27 and 32 upon providers of support services, providers of support services shall provide payment-related services across PSPs. In such a situation, payment service providers
Amendment 623 #
Proposal for a regulation Article 36 – paragraph 3 Amendment 624 #
Proposal for a regulation Article 36 – paragraph 3 Amendment 625 #
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. In particular, such measures shall ensure that personal data are pseudonymised in such a manner that these data can no longer be attributed by the European Central Bank or the national central banks to an individual digital euro user without the use of additional information. When implementing these technical and organisational measures, payment service providers shall implement principles of data protection by design and by default, as defined in Regulation (EU) 2016/679.
Amendment 626 #
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 no longer directly or indirectly identify individual digital euro users without the use of additional information.
Amendment 627 #
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
Amendment 628 #
Proposal for a regulation Article 36 – paragraph 4 a (new) 4a. Providers of support services designated under this Article shall be subject to Regulation (EU) 2022/2554.
Amendment 629 #
Proposal for a regulation Article 36 – paragraph 5 Amendment 630 #
Proposal for a regulation Article 36 a (new) Article 36a Safeguards against Observability of User Behaviour The digital euro user shall be in full control of the digital euro wallet and their data. The technical architecture shall make it impossible for the issuer of the digital euro front- and backend or third- party services connected to them or the European Central Bank, National Competent Authorities or Payment Service Providers to collect or obtain information about the usage. The processing of transaction data shall not allow to track, link, correlate or otherwise obtain knowledge of transactions or user behaviour. Personal data relating to the provision of the digital euro shall be kept physically and logically separate from any other data held.
Amendment 631 #
Proposal for a regulation Article 37 – title Anti-money laundering rules applying to offline and low-value digital euro payment transactions
Amendment 632 #
Proposal for a regulation Article 37 – paragraph 1 1. Payment services providers shall apply paragraphs 2 to 6 to online digital euro payment transactions upon the request of the user up to a monthly transaction limit and offline digital euro payment transactions.
Amendment 633 #
Proposal for a regulation Article 37 – paragraph 1 1. Payment services providers shall apply paragraphs 2 to
Amendment 634 #
Proposal for a regulation Article 37 – paragraph 2 2. Transaction data, as generated by a payment transaction within the processing limits laid down in Annex III, IV and V, shall not be
Amendment 635 #
Proposal for a regulation Article 37 – paragraph 2 2. Transaction data shall not be accessed, stored or processed retained by payment service providers or by the European central banks and the national central banks and shall not be stored on the local storage device.
Amendment 636 #
Proposal for a regulation Article 37 – paragraph 2 2. Transaction data shall not be collected or retained by payment service providers or by the European central banks and the national central banks.
Amendment 637 #
Proposal for a regulation Article 37 – paragraph 3 3. Payment service providers shall retain data of funding and defunding for storing digital euros on payment instruments in accordance with Article 40 of Directive (EU) 2015/849 and national provisions transposing that Article. Payment service providers shall, upon a reasoned request, make those data available to the Financial Intelligence Unit and other competent authorities as referred in Article 2(31) of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final].
Amendment 638 #
Proposal for a regulation Article 37 – paragraph 5 Amendment 639 #
Proposal for a regulation Article 37 – paragraph 5 Amendment 640 #
Proposal for a regulation Article 37 – paragraph 5 5. The Commission is empowered to adopt
Amendment 641 #
Proposal for a regulation Article 37 – paragraph 5 5. The Commission is empowered to adopt
Amendment 642 #
Proposal for a regulation Article 37 – paragraph 5 5. The Commission is empowered to adopt
Amendment 643 #
Proposal for a regulation Article 37 – paragraph 6 Amendment 644 #
Proposal for a regulation Article 37 – paragraph 6 Amendment 645 #
Proposal for a regulation Article 37 – paragraph 6 – subparagraph 1 – introductory part 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
Amendment 646 #
Proposal for a regulation Article 37 – paragraph 6 – subparagraph 1 – introductory part 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
Amendment 647 #
Proposal for a regulation Article 37 – paragraph 6 – subparagraph 1 – introductory part 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
Amendment 648 #
Proposal for a regulation Article 37 – paragraph 6 – subparagraph 1 – point c (c) the objective of ensuring the usability and acceptance of the digital euro as a legal tender instrument
Amendment 649 #
Proposal for a regulation Article 37 – paragraph 6 – subparagraph 1 – point c a (new) (ca) the objective of introducing a payment instrument similar to cash and in relation to that preserving the right to the protection of personal data and privacy.
Amendment 650 #
Proposal for a regulation Article 37 – paragraph 6 – subparagraph 1 – point c a (new) (ca) the objective of introducing a payment instrument offering a similar level of privacy than cash.
Amendment 651 #
Proposal for a regulation Article 37 – paragraph 6 – subparagraph 2 For the purposes of point (a), the Commission
Amendment 652 #
Proposal for a regulation Article 37 – paragraph 6 a (new) 6a. By one year after the first issuance of the digital euro and after consulting the AMLA and the EDPB, the Commission shall present a report to the European Parliament and the Council on the application of this article and on the money laundering and terrorist financing vulnerabilities and risks of the digital euro transactions, accompanied, where appropriate, by a legislative proposal. The report shall contain at least the following: (a) an assessment of the money laundering and terrorist financing remaining vulnerabilities and risks associated with digital euro transactions benefitting from enhanced privacy; (b) an assessment of the money laundering and terrorist financing remaining vulnerabilities and risks of the digital euro when funding and defunding their payment instrument; (c) an assessment of the usability and acceptance of the digital euro as a legal tender instrument.
Amendment 653 #
Proposal for a regulation Article 38 – paragraph 2 2. The power to adopt delegated acts referred to in Articles 11, 14, 17, 33, 34, 35 and 3
Amendment 654 #
Proposal for a regulation Article 38 – paragraph 2 2. The power to adopt delegated acts referred to in Articles 11, 33, 34, 35 and 3
Amendment 655 #
Proposal for a regulation Article 38 – paragraph 2 2. The power to adopt delegated acts referred to in Articles 11, 33, 34, 35 and 3
Amendment 656 #
Proposal for a regulation Article 38 – paragraph 3 3. The power to adopt the delegated acts referred to in Articles 11, 14, 17, 33, 34, 35 and 3
Amendment 657 #
Proposal for a regulation Article 38 – paragraph 3 a (new) 3a. When adopting delegated acts pursuant to Article 34 or Article 35 of this Regulation, the European Commission shall consult the European Data Protection Supervisor and European Data Protection Board as laid down in Article 42 of the Regulation (EU) 2018/1725 on the protection of natural persons with regard to the processing of personal data by the Union institutions, bodies, offices and agencies and on the free movement of such data, and repealing Regulation (EC) No 45/2001 and Decision No 1247/2002/EC.
Amendment 658 #
Proposal for a regulation Article 38 – paragraph 4 4. Before adopting a delegated act, the Commission shall consult the European Data Protection Supervisor pursuant to Article 42 of Regulation (EU) 2018/1725 and experts designated by each Member State in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making.
Amendment 659 #
Proposal for a regulation Article 38 – paragraph 6 6. A delegated act adopted pursuant to Articles 11, 14, 17, 33, 34 and 35 shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of one month of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by two months at the initiative of the European Parliament or of the Council.
Amendment 660 #
Proposal for a regulation Article 38 – paragraph 6 6. A delegated act adopted pursuant to Articles 11, 33, 34, 35 and 3
Amendment 661 #
Proposal for a regulation Article 38 a (new) Article 38a Digital Euro information campaign The European Central Bank and the European System of Central Banks shall launch, in close collaboration with competent authorities, an EU-wide Digital Euro information campaign to provide fact-based information and raise awareness on the issuance and use of the Digital Euro. The information campaign shall be conducted in close collaboration with all relevant stakeholders, civil society organisations and Payment Service Providers to ensure that all EU citizens, residents as well as relevant legal entities are duly informed about the availability, functionality and opportunities of the Digital Euro issuance and use.
Amendment 662 #
Proposal for a regulation Article 39 Amendment 663 #
Proposal for a regulation Article 39 Amendment 664 #
Proposal for a regulation Article 40 – paragraph 2 Amendment 665 #
Proposal for a regulation Article 40 – paragraph 2 – introductory part 2.
Amendment 666 #
Proposal for a regulation Article 40 – paragraph 2 – introductory part 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 and Article 16a 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:
Amendment 667 #
Proposal for a regulation Article 40 – paragraph 2 – introductory part 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
Amendment 668 #
Proposal for a regulation Article 40 – paragraph 2 – point a (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 as well as the plan to ensure an orderly and smooth coexistence with the existing models so as to foster financial stability;
Amendment 669 #
Proposal for a regulation Article 40 – paragraph 2 – point a (a) information on the instruments to limit the use of the digital euro and their duration 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;
Amendment 670 #
Proposal for a regulation Article 40 – paragraph 2 – point b Amendment 671 #
Proposal for a regulation Article 40 – paragraph 2 – point b (b) an analysis on how the instruments and the parameters referred to in point (a) are expected to contribute to meet the objective of ensuring price stability and safeguarding financial stability.
Amendment 672 #
Proposal for a regulation Article 40 – paragraph 2 – point b a (new) (ba) an analysis on how the instruments and the parameters referred to in point (a) are expected to ensure the usability and acceptance of the digital euro as a legal tender instrument including without using the waterfall and reverse waterfall functionalities;
Amendment 673 #
Proposal for a regulation Article 40 – paragraph 2 – point b a (new) (ba) the report referred to in Article 4(3) with the justification and determinants of the issuance of the digital euro and the corresponding impact assessment.
Amendment 674 #
Proposal for a regulation Article 40 – paragraph 2 – point b b (new) (bb) an analysis on how the instruments and the parameters referred to in point (a) respect the principle of proportionality, including with regards to privacy and data protection.
Amendment 675 #
Proposal for a regulation Article 40 – paragraph 2 a (new) 2a. Any possible changes to the parameters and instruments referred to in Article 16 shall respond only to a change in the payment needs of customers, ensuring that the caps continue to meet the objectives defined in Article 16(2a).
Amendment 676 #
Proposal for a regulation Article 40 – paragraph 2 b (new) 2b. No later than 6 months before any modification of the parameters and 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 the European Parliament, the Council and the Commission with the reports referred to in points (b) and (c) of paragraph 2.
Amendment 677 #
Proposal for a regulation Article 40 – paragraph 3 Amendment 678 #
Proposal for a regulation Article 40 – paragraph 3 – introductory part 3. One year after the first issuance of the digital euro and every
Amendment 679 #
Proposal for a regulation Article 40 – paragraph 3 – point b a (new) (ba) whether the introduction of the digital euro could lead to downscaling existing deposit insurance schemes and other public protection mechanisms for credit institutions.
Amendment 680 #
Proposal for a regulation Article 40 – paragraph 4 – subparagraph 1 – introductory part Member States shall, one year after the first issuance of the digital euro and every
Amendment 681 #
Proposal for a regulation Article 40 a (new) Article 40a Ex-ante evaluation and additional policy choices 1. Six months before the planned issuance of the digital euro, the European Central Bank shall notify its decision to launch the digital euro to the European Parliament and the Council. The notification shall be accompanied by: a) a description of how the design of the digital euro complies with the provisions set out in this Regulation; b) a description on any developments and emerging risks or impacts relevant to the issuance of the digital euro, and the areas where additional policy choices are needed. 2. Where a notification is submitted pursuant to this Article, the Parliament and the Council may raise a reasoned objection to the issuance decision based on one or more of the following grounds: a) the design of the digital euro does not comply with or goes beyond the provisions set out in this Regulation; b) new developments require additional policy choices; 3. The reasoned objection shall be communicated to the Commission and the ECB. The Commission, in consultation with the ECB, shall publish a report to analyse the problems that gave rise to the reasoned objection. Where appropriate, the Commission may accompany this report with a legislative proposal. 4. The decision to launch the digital euro shall be postponed until the party that submitted its reasoned objection, withdraws its objection.
Amendment 682 #
Proposal for a regulation Article 41 – paragraph 1 1. By one year from the first issuance of the digital euro, and every three years thereafter, the Commission shall present to the European Parliament and to the Council a report on the application of this Regulation. When preparing its report, the Commission shall take into account the reports by European Central Bank referred in Article 40 and any opinion and views expressed by the European Central Bank. That report shall contain a disaggregated estimate of the digital euro distribution costs already incurred plus the ongoing costs, including imputed payroll costs, at political level, for the Central Bank and for financial service providers.
Amendment 683 #
Proposal for a regulation Article 41 – paragraph 1 a (new) 1a. Before the Governing Council of the European Central Bank convenes to decide on the issuance of the Digital Euro, the European Central Bank shall prepare a report on the foreseen technological structure of the Digital Euro and submit this report to the European Parliament, the Council and the Commission. On the basis of this report, the Commission shall, where appropriate, submit to the European Parliament and the Council a targeted legislative proposal to amend Chapter III to IX of this Regulation to ensure that the foreseen technological structure reflects the legislative intentions of the European Parliament and the Council with respect to the suitability to serve Digital Euro users' best interest as well as the effects on financial stability. The Commission shall consult the European Parliament and the Council thereof.
Amendment 684 #
Proposal for a regulation Article 41 – paragraph 2 2. By
Amendment 685 #
Proposal for a regulation Article 41 – paragraph 3 3. By 3 years from the first issuance of the digital euro, the Commission shall present to the European Parliament and to the Council a report on whether there is a sufficient and effective access to and acceptance of the digital euro in the euro area. The report shall also assess the impact of holding limits on the usage of the digital euro, the evolution of the business model of credit institutions, the potential impact of a removal of holding limits on the deposit levels of credit institutions and the feasibility of such a removal.
Amendment 686 #
Proposal for a regulation Annex I – paragraph 1 – point a (a) enabling digital euro users to access, hold, and use the digital euro, without prejudice to possible temporary limitations set by the European Central Bank in accordance with Article 16;
Amendment 687 #
Proposal for a regulation Annex I – paragraph 1 – point a a (new) (aa) enabling digital euro users to receive possible remuneration;
Amendment 688 #
Proposal for a regulation Annex II Amendment 689 #
Proposal for a regulation Annex II – paragraph 1 – point a (a) opening, holding
Amendment 690 #
Proposal for a regulation Annex II – paragraph 1 – point a (a) opening
Amendment 691 #
Proposal for a regulation Annex II – paragraph 1 – point a (a) opening
Amendment 692 #
Proposal for a regulation Annex II – paragraph 1 – point c Amendment 693 #
Proposal for a regulation Annex II – paragraph 1 – point c Amendment 694 #
Proposal for a regulation Annex II – paragraph 1 – point c (c)
Amendment 695 #
Proposal for a regulation Annex II – paragraph 1 – point c (c)
Amendment 696 #
Proposal for a regulation Annex II – paragraph 1 – point d (d) funding and defunding from/into cash up to 12 times a year;
Amendment 697 #
Proposal for a regulation Annex II – paragraph 1 – point e – indent 3 –
Amendment 698 #
Proposal for a regulation Annex II – paragraph 1 – point e – indent 3 –
Amendment 699 #
Proposal for a regulation Annex II – paragraph 1 – point g (g) provision of at least one electronic payment instrument or payment initiation channel for the execution of digital euro payment transactions such as referred to in letter (e).
Amendment 700 #
Proposal for a regulation Annex II – paragraph 1 – point g (g) provision of at least one electronic payment instrument or payment initiation channel for the execution of digital euro payment transactions such as referred to in letter (e).
Amendment 701 #
Proposal for a regulation Annex II – paragraph 1 – point g a (new) (ga) for the purpose of letters (d) and (e), the limits set according to Article 17(1a) shall apply.
Amendment 702 #
Proposal for a regulation Annex II – paragraph 1 – point g a (new) (ga) access to a dispute mechanism.
Amendment 703 #
Proposal for a regulation Annex II – paragraph 1 – point g b (new) (gb) digital inclusion support.
Amendment 704 #
Proposal for a regulation Annex II – paragraph 1 a (new) For the purpose of letters (d) and (e), the limits set according to Article 17(1a) shall apply.
Amendment 705 #
Proposal for a regulation Annex III – point 1 – point iii (iii)
Amendment 706 #
Proposal for a regulation Annex III – point 1 – point iii (iii) information on digital euro payment accounts;
Amendment 707 #
Proposal for a regulation Annex III – point 1 – point iv (iv)
Amendment 708 #
Proposal for a regulation Annex III – point 1 – point iv (iv) information on online digital euro payment transactions,
Amendment 709 #
Proposal for a regulation Annex III – point 2 – point iii (iii)
Amendment 710 #
Proposal for a regulation Annex III – point 2 – point iii (iii) information on digital euro payment accounts,
Amendment 711 #
Proposal for a regulation Annex III – point 2 – point iv (iv)
Amendment 712 #
Proposal for a regulation Annex III – point 2 – point iv (iv) information of non-digital euro payment accounts,
Amendment 713 #
Proposal for a regulation Annex III – point 3 – point i (i) the user identifier;
Amendment 714 #
Proposal for a regulation Annex III – point 3 – point ii (ii) information on the local storage device,
Amendment 715 #
Proposal for a regulation Annex IV – point 1 – point i (i) information on digital euro payment accounts,
Amendment 716 #
Proposal for a regulation Annex IV – point 1 – point ii (ii) information on online digital euro payment transactions. information linked to an unique digital euro payment account number,
Amendment 717 #
Proposal for a regulation Annex IV – point 3 3. For the purpose of point (c) of Article 35(1), processing shall be limited to the data required for counterfeit analysis of offline digital euro payment transactions: information on the local storage device,
Amendment 718 #
Proposal for a regulation Annex IV – point 4 – introductory part 4. For the purposes of points (d) and (e) of Article 35(1), and the
Amendment 719 #
Proposal for a regulation Annex IV – point 4 – point iii (iii) information on digital euro payment accounts,
Amendment 720 #
Proposal for a regulation Annex V – paragraph 1 – point i (i)
Amendment 721 #
Proposal for a regulation Annex V – paragraph 1 – point i (i) information on digital euro payment accounts,
Amendment 722 #
Proposal for a regulation Annex V – paragraph 1 – point ii (ii)
Amendment 723 #
Proposal for a regulation Annex V – paragraph 1 – point ii (ii) information on online digital euro payment transactions,
Amendment 724 #
Proposal for a regulation Annex V – paragraph 1 – point iii (iii) the device internet protocol address-range providing information on the transaction session of a digital euro user
Amendment 725 #
Proposal for a regulation Annex V – paragraph 1 – point iii (iii) information on the transaction session of a digital euro user,
source: 759.657
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| committees/0/shadows |
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| committees/1/opinion |
False
|
| docs/0 |
|
| events/0/summary |
|