EU countries agree on digital euro

In the future, anyone will be able to open a separate account for digital euros at a bank. Payments can be made using the banks app, an ECB app, or a separate payment card. There will be an online and an offline version of the digital euro. The online version offers privacy comparable to other digital payment methods, such as card payments or paying with your phone. The offline digital euro offers even more privacy and works, for example, by holding phones close to each other. This means payments are also possible during internet, power, or bank outages.

There will be an acceptance obligation for retailers regarding the digital euro. If retailers currently accept card payments, they will have to accept digital euro payments in the same way. In the first years, this will not be more expensive for Dutch retailers than comparable existing payments. Also, in the long term, measures are in place to prevent high costs for retailers.

EU countries see the digital euro as an additional payment method and it is not intended for saving. Therefore, a holding limit will apply, meaning there will be a maximum amount of digital euros you can hold. Users will also not receive interest, just like with cash.

EU countries unanimously agree that the digital euro, or the technology behind it, must not be programmable. This means the use of the digital euro cannot be linked to a specific purpose. Including this prohibition in the regulation ensures strong embedding.

Standard services, such as opening or closing a digital euro account and paying with the digital euro, will be free for consumers. Setting up and enabling the digital euro does cost money. The European Central Bank will cover part of the payment traffic costs. Additionally, banks, payment service providers, and retailers will contribute. In the first years, retailers are protected against higher fees. After a few years, when more is known about the actual costs for banks and payment service providers, fees will be adjusted accordingly.