The Council of the European Union has agreed on its negotiating position regarding the introduction of the digital euro and the strengthening of the status of euro cash. The decision includes two separate regulations: one for issuing the digital currency and another for protecting the role of cash within the euro area.
What is the digital euro?
The digital euro is a public digital currency supported by the European Central Bank, intended for use alongside cash. It is planned that the digital euro will be available both online and in offline scenarios, enabling private payments with ECB support.
The EU Council's position on the digital euro
The EU Council announced its position in Brussels and established a mandate for upcoming negotiations with the European Parliament. The position is based on the aim to ensure the issuance of the digital currency through a regulation that will provide the legal framework for its issuance and circulation.
Protecting cash in the EU
The second regulation supported by the Council focuses on preserving the role of euro cash in the payment system. The proposal includes measures that limit the ability of retail merchants to refuse cash payments, allowing only narrow exceptions to this rule.
Next steps and ECB plans
After agreeing on the mandate, the Council will enter negotiations with the European Parliament to adopt the final regulatory texts. According to the positions, the ECB will decide on issuing the digital euro only after the legislation is approved and plans to launch it by 2029.
Why this matters
For users and businesses in Europe, this decision sets the framework under which cash and digital currency will coexist, making the payment infrastructure more resilient. The Council's mandate also emphasizes the goal of strengthening the EU's strategic autonomy and economic security in the payments sector.
What to do?
If you are a miner in Russia accepting euros or planning to work with European partners, it is advisable to monitor the progress of negotiations and changes in payment acceptance rules. Even without direct impact on mining processes, changes in the EU payment infrastructure may affect how funds are received and converted.
Practical steps: verify whether and how you accept euros, check with payment providers about possible changes in accepting cash and digital payments, and maintain clear documentation and transparent reporting of receipts to ease adaptation during changes.
Frequently Asked Questions
What does the digital euro proposal include?
The proposal provides for creating a public digital currency available both online and offline, enabling private payments with ECB support.
When might the digital euro be launched?
According to official ECB positions, the digital euro launch is planned for 2029, subject to legislative approval.
How will cash acceptance be protected?
The EU Council's proposal includes rules prohibiting retail merchants from refusing cash payments, with limited exceptions allowed.
What happens next with the proposals?
The EU Council will negotiate with the European Parliament to finalize the regulations; the ECB will make the final decision on issuing the digital euro after legislation is adopted.
