According to a Financial Times disclosure, the European Union (EU) will launch its digital wallet in 2022 so that citizens of the 27 member states can make digital payments and store their information in this virtual application.
Enter the information stored in the application probably I know They find the vaccines and the Covid-19 swabs, so the app will also play the role of the so-called vaccine passport.
The digital euro
The wallet also makes sense from the perspective that the European Union has decided to launch its own virtual currency (CBDC) together with the European Central Bank (ECB).
Last October, the ECB had launched a consultation precisely on the digital euro, which is supposed to be an electronic form of currency accessible to all citizens and companies to make daily payments quickly, easily and safely.
This EU working group is made up of experts from the ECB and 19 central banks. It has already identified possible scenarios that would require the issuance of the digital euro, but the final decision on issuance has not yet been made.
A few months ago, Lagarde was optimistic about the creation of the digital euro to combat the expansion of stablecoinswhich she says undermine the strength of the euro and fiat currencies in general.
In Italy, last December, the digital euro experimentation was started by the Italian Banking Association (ABI), which is carrying out the project together with the association's research center for innovation, the ABI Lab. in France a year ago, rumors had already started to circulate about testing in the project.
The European Union digital wallet app
The app will be unlocked by both fingerprint and retina scan and will also store personal information like ID cards and driver's licenses.
The European Union is very concerned about the Privacy of its citizens, so the application lock will be compartmentalized, so not all data will be shared with third parties.