Digital Euro: Consumer Perspectives
Jurisdiction | European Union |
Year | 2024 |
Speaker
Vinay Pranjivan is a consultant and expert in financial consumer protection with a focus on retail banking issues such as payments, accounts, credit, and over-indebtedness. He holds a degree in Economics from ISEG-Lisbon and an MSc in Business and Competition Economics from ISCTE – Business School. Currently, he advises DECO, the Portuguese Consumer Protection Association, on financial service user issues.
He represents DECO on several European expert groups, including the Financial Services User Group and the Payment Systems Market Expert Group. With a background as a policy expert at the European Banking Authority, he is actively involved in financial literacy initiatives and regularly speaks at conferences and educational events.
Topic
The presentation discusses how this European Central Bank digital currency will offer consumers and businesses more payment options, supporting the EU's digital transition and bolstering the international role of the euro. The digital euro, akin to cash, would be an electronic means of payment backed by the European Central Bank, available to the general public. Emphasis is placed on its role in financial inclusion, ensuring access to and acceptance of both cash and digital payments.
The European Commission's proposal of June 28, 2023 underscores the need for a legal framework to ensure financial inclusion and availability of the digital euro for all residents and visitors of the eurozone, both online and offline. The document also mentions the importance of setting limits on fees for merchants and ensuring full interoperability of payment systems.
The need for centralized monitoring to prevent fraud and ensure that payment institutions invest in adequate prevention systems is highlighted. Additionally, the importance of protecting users' privacy and providing free basic services without the need for a linked bank account is emphasized.
Related documents
Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit...
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