The European Commission Proposed A Draft Law On Instant Payments By Digital Euro

On Wednesday, the European Commission presented a draft rule requiring banks in European Union member countries to offer quick euro payments for the same charge as existing credit transfers.

In a news briefing on Wednesday, European Commissioner for Finance Mairead McGuinness stated:

“We would estimate that if we left it to the market, it might take a decade for instant payments to become the norm. Therefore we are nudging this sector in this direction.”

Instant payments may free up to €200 billion from the banking system in a single day, according to McGuiness.

The plan seeks to standardize and boost public trust in these sorts of transfers, as well as to improve the efficiency of sanctions screening.

The European Central Bank is supervising the development of a digital euro prototype. The project’s review and findings are due in March 2023.

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