January 24, 2023

European Commission to Issue Bill on Regulating Digital Euro, Metaverse Strategy in May

Digital euro

Digital euro

The European Commission is expected to issue a draft law on promoting the digital euro and develop its metaverse strategy in May, a document published on the commission’s website revealed on Monday.

At the time that the European Central Bank did not decide to issue a central bank digital currency (CBDC), the commission pointed out that new laws needed to be issued to enhance the CBDC’s legal status and set anti-money laundering regulations, Coin Desk reported. 

Mairead McGuinness, the European Union’s financial services commissioner, told lawmakers on the Economic and Monetary Affairs Committee Tuesday asserted the importance that Europe should not be in rush to take action now, but it is better to do something in the coming five or ten years. 

McGuinness added that by the issue of the bill on May 24, the European Union member states are free to determine the use cases of the digital euro and the technology which will be used. However, lawmakers appeared doubtful about McGuinness’s remarks on the digital euro, asking about its feasibility from the point of view of the consumer. 

Moreover, lawmakers in the European Parliament proposed imposing taxes on crypto assets to fund the European Union’s annual budget, which is worth 170 billion euros ($185 billion). The lawmakers presented a draft report to the parliament’s budget committee that include options of imposing taxes on investors’ capital gains, transactions, or mining.

The lawmakers believe that regulating and taxing crypto assets at the EU level is more efficient than at the national level, given their high mobility and cross-border dimension. They still have a chance till February 2 to propose changes in the report, however, the EU parliament has limited control over tax laws. 

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