The ECB warns that countries that decide not to introduce digital versions of their currencies may face threats to their financial systems and monetary autonomy https://t.co/GFIGxcisLH via @markets
— Robert Burgess (@BobOnMarkets) June 2, 2021
EU Launches “Digital Wallet” In Latest Step Toward ‘Cashless Society’
Despite the concerns about digital privacy being invaded by the “vaccine passports” that Europe has demanded of travelers, the EU is pressing ahead with plans to launch a “digital wallet” that would carry digital copies of a drivers’ license and credit cards (sort of like Apple Pay does) as Europe continues its transition away from cash.
According to the FT, the EU is preparing to unveil its plans for the bloc-wide “digital wallet” on Wednesday. The product is the result of what Brussels described as several states’ demands for the EU to create a digital tool to access important records and other products and services via the smartphone.
SS