Usd To Euro UPD

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The euro is the single currency shared by European Union countries that have adopted the euro. While Denmark does not participate through an 'opt out', other EU countries have not adopted the euro yet because the convergence criteria to join the euro are not met.

Usd To Euro

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Within the euro area, only the euro has the status of legal tender. Article 128 (1) TFEU lays down the legal tender status of euro banknotes, and article 11 of Regulation EC/974/98 does so with regard to euro coins. According to the Commission recommendation on the scope and effects of legal tender of euro cash (2010/191/EU) and as confirmed in a judgment by the European Court of Justice in January 2021, legal tender entails, in principle, the mandatory acceptance of cash, at full face value, with the power to discharge from a payment obligation. This means that the creditor is obliged, in principle, to accept a payment made in euro which subsequently discharges the debtor from his payment obligation. There can be exceptions to this principle of mandatory acceptance, for instance where the parties to a contract agree on another means of payment, or where a refusal of cash is made in good faith. Limits to cash payments are also possible for example to combat tax evasion and money laundering.

On the 28th of June 2023, the European Commission adopted a legislative proposal on the legal tender of euro banknotes and coins, to safeguard the role of Euro cash, which must be accepted as a means of payment everywhere in the EU and accessible for citizens and businesses. This proposal codifies and clarifies the judgment by the European Court of Justice in January 2021 which sets out the principles of legal tender.

In view of the establishment and potential issuance by the ECB of a digital euro with legal tender status, it is also important to regulate the meaning of legal tender for the existing physical form of the euro to ensure consistency among the two forms of public money. In addition, this proposal seeks to address issues concerning the acceptance of cash that have emerged, which can lead to difficulties for citizens wanting to pay in cash, as well as concerns which have been raised in a number of Member States about difficulties in accessing cash, such as closures of ATMs and bank branches.

The main objective of the proposal is to safeguard euro cash as a means of payment, so that people will continue to be able to use it for their payments if they so wish. Indeed, although the use of cash has declined, the 2022 ECB SPACE study confirms that it still represents 59% of the number of retail payment transactions and 42% of the value of these transactions. 60% of European consumers consider it important to keep the option to pay by cash.

To achieve this, the proposal clarifies what legal tender means, and sets out the rules for the mandatory acceptance of euro cash and possible exceptions to it. In addition, it also sets out what Member States need to do in order to ensure that cash is widely accepted and that it can be easily accessed by its users.

The digital euro, a digital form of central bank money, would offer greater choice to consumers and businesses in situations where physical cash cannot be used. The digital euro would be a complement to cash, which would remain widely available and useable.

A digital euro would be an electronic means of payment. It would be a digital version of cash, available to the general public and backed by the European Central Bank (ECB) the same way your physical banknotes and coins are. You could use it anywhere that you already use physical euro cash.

People and businesses would have another means of payment that is accessible and accepted everywhere in the euro area. It would be an electronic means of payment, available for online transactions (e.g. e-commerce) and offline ones (eg. in areas without internet connection). It would promote innovation in retail payments and reinforce the international role of the euro.

If the proposal for a framework for a possible digital euro is agreed upon by the European Parliament and Council, the ECB would need to take the final decision on whether to issue it. Therefore, it may still take a few years before the digital euro is issued.

It also includes a legislative proposal on the legal tender of euro cash to safeguard the role of cash, ensure it is widely accepted as a means of payment and remains easily accessible for people and businesses across the euro area.

Brussels, 18 October - The European Data Protection Board (EDPB) and the European Data Protection Supervisor (EDPS) issued a Joint Opinion on the proposed Regulation on the digital euro as a central bank digital currency. The digital euro aims to provide individuals with the possibility to make payments electronically, both online and offline, as an additional means of payment alongside cash.

The EDPB and the EDPS acknowledge that the proposed Regulation addresses many data protection aspects of the digital euro, notably by addressing an offline modality to minimise the processing of personal data. In particular, the EDPB and the EDPS strongly welcome that digital euro users will always have the choice to pay in digital euros or in cash. At the same time, the EDPB and the EDPS make several recommendations to better ensure the highest standards of personal data protection and privacy for the future digital euro.

According to the proposed Regulation, the ECB and national central banks may establish a single access point to verify that the amount of digital euros held by each user does not exceed the maximum amount allowed, known as the holding limit. The EDPB and the EDPS understand that this verification will be done by processing identifiers of the digital euro users and their related holding limits. In their Joint Opinion, the EDPB and the EDPS call for clarifications on the processing of these identifiers. Furthermore, the EDPB and the EDPS advise assessing whether the single access point is necessary and proportionate, underscoring that technical measures allowing for a decentralised storage of these identifiers are feasible, as an alternative.

Finally, the EDPB and the EDPS highlight that the proposed Regulation should further clarify the data protection responsibilities of the ECB and of the PSPs. This includes the legal bases the ECB and PSP should rely upon, and the types of personal data they should process for the issuance, distribution and use of the digital euro.

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