The finance ministers of EU member states reached an agreement on Friday regarding how to set a limit on individual holdings of the digital euro, marking a new step towards the issuance of a central bank digital currency in the EU.

According to relevant officials, the meeting reached a consensus on the "process for setting the holding limit" and the "process for the eventual issuance of the digital euro."

As pointed out by an official at a press conference, the discussions focused on the specific procedures for setting the holding limit, rather than the actual numerical value. Previously, a UK cryptocurrency industry advocacy group had called on the local central bank not to implement policies similar to holding limits for stablecoins.

Regarding the holding limit for the EU central bank digital currency (CBDC), the European Central Bank (ECB) also discussed this in its latest progress report on the digital euro, which will be released at the end of 2024. According to a 2024 report by Politico, the holding limit has become a major point of contention between the ECB and national central banks.

Despite the global trend towards stablecoins, the EU is still accelerating the advancement of the digital euro. Earlier this month, the ECB once again pushed for the issuance of the digital euro, but some member states expressed opposition due to concerns about privacy issues and the potential impact on commercial banks.

According to ECB board member Piero Cipollone at that time, the system will "ensure that all Europeans can make payments in a free and widely accepted digital payment method under any circumstances, even in the event of a major disruption." He also stated that banks "will not know any information about the payer or the payee," and the plan also supports offline payments. He emphasized that the offline payment solution will be as excellent as cash in protecting user privacy.

ECB policymakers have been exploring the possibility of issuing the digital euro for years, but this may be influenced by stablecoin-related laws and regulatory measures promoted by the Trump administration in the United States. ECB advisor Jürgen Schaaf suggested at the end of July that the digital euro should be one of the strategic options for the EU to respond to the rapid growth of dollar-dominated stablecoins.

Former ECB official and current president of the Bank of Italy, Fabio Panetta, also suggested that the digital euro is an important tool to address the risks associated with the proliferation of cryptocurrencies. He stated, "If we think that the development of crypto assets can be effectively controlled solely through rules and restrictions, that would be a mistake." He pointed out that the digital euro will be key to addressing related risks.

Related: The latest round of EU sanctions against Russia targets cryptocurrency platforms.

Original: “EU Finance Ministers Agree on Digital Euro Holding Limits”

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