Changes from report parliamentary committee draft to report parliamentary committee draft

AddedRecital 56: (56) To facilitate the use of the online digital euro and the provision of innovative services, the Eurosystem should support the provision of conditional digital euro payment transactions. First, some types of conditional payment services could be supported through detailed measures, rules and standards that could help payment service providers to develop and operate interoperable applications that execute conditional logic. That could include a set of technical tools such as application programming interfaces. Second, the Eurosystem could provide additional functionalities in the digital euro settlement infrastructure, necessary for the provision of conditional payment services to digital euro users. That could facilitate the reservation of funds in the settlement infrastructure for future execution of some conditional payments. Payment service providers should adapt the business logic for conditional digital euro payment transactions in accordance with the standards and application programming interfaces which the Eurosystem may adopt to facilitate such transactions.

RemovedArticle 13 – paragraph 2: 2. Payment service providers that provide servicing payment services within the meaning of Directive 2015/2366 shall enable Digital Euro users to fund and defund their Digital Euro wallet from or to payment accounts denominated in euro, or euro banknotes and coins when a payment services provider provides cash services, subject to any limitations that the European Central Bank may adopt in accordance with Article 16 of this Regulation.

AddedRecital 57: (57) European Digital Identity Wallets could facilitate digital transactions by enabling authentication, identification and the exchange of attributes including licenses and certificates. European Digital Identity Wallets should contribute to the effective universal access to and use of the online digital euro. Member States should issue European Digital Identity Wallets based on common standards and practices set out in the implementing legislation. The European Digital Identity Wallet should have strong and specific safeguards to ensure data protection and privacy and high-level security certification. Front-end solutions to be developed by the European Central Bank should therefore duly consider the technical specifications governing the European Digital Identity Wallets. This would enable the relevant interoperability with the European Digital Identity Wallets that would allow to capitalise on these benefits. Based on user choice, interoperability with the European Digital Identity Wallet should also allow to discharge customer due diligence under Regulation (EU) [please insert reference – proposal for a Regulation for Anti-Money Laundering Regulation – COM/2021/421 final). Furthermore, to achieve a coherent customer experience, intermediaries might choose to fully integrate their online digital euro front-end services into the specifications governing the European Digital Identity Wallets.

RemovedArticle 13 – paragraph 4 – subparagraph 2: For the purpose of points (a) and (b), and upon prior approval by the Digital Euro users, payment service providers shall link each Digital Euro wallet to a single payment account denominated in euro designated by the Digital Euro users. Digital Euro users shall be allowed to have that designated payment account with a different payment service provider than the one where a given Digital Euro wallet is held.

AddedRecital 58: (58) Users should be able, if they so wish, to onboard and authorise payments with the digital euro by using the European Digital Identity Wallets. Payment service providers should therefore be obliged to accept the European Digital Identity Wallets for the verification of both prospective and existing customers’ identities, in line with Regulation (EU) [please insert reference – proposal for a Regulation for Anti-Money Laundering Regulation – COM/2021/421 final). To facilitate the opening of online digital euro accounts across the Union, payment service providers should also be able to rely on qualified attestations provided by the European Digital Identity Wallets, including for the remote performance of customer due diligence. Payment service providers should also accept the use of European Digital Identity Wallets if the payer wishes to use the wallet for payment authorisation of online digital euro payment transactions.

RemovedArticle 13 – paragraph 6: 6. For the purpose of Digital Euro payment services, Digital Euro users shall only enter into a contractual relationship with PSPs. Digital Euro users shall not have any contractual relationship with the European Central Bank or the national central banks. This provision shall be without prejudice to the liability of the European Central Bank or national central banks for any incidents related to the matters under their control, including but not limited to the transaction of a Digital Euro, system failures or non-compliance with principles, standards and the requirements applicable to the operations of payment systems and data protection.

AddedRecital 59: (59) To facilitate a harmonised user experience, the digital euro rules, standards and processes that the European Central Bank may adopt pursuant to its own competences, should ensure that any digital euro user is able to carry out digital euro payment transactions with any other digital euro users across the euro area regardless of the payment service providers involved and the front-end services used. To reduce the fragmentation of the European retail payments market, and to support competition, efficiency and innovation in that market, and the development of payment instruments across the Union in keeping with the objective of the Commission’s retail payment strategy, the digital euro should be, to the extent possible, compatible with private digital payment solutions, especially those underpinned by instant payments, building on functional and technical synergies. In particular, the European Central Bank should seek to ensure that the digital euro is compatible with private digital payment solutions at the point of interaction, e-commerce, and in person-to-person payments, where the fragmentation of the Union retail payments market is currently significant. The use of open standards, protocols, common rules and processes governing private digital means of payment and possibly shared infrastructures could support such compatibility. In order to achieve these objectives, and without conferring any enforceable rights upon market operators, the European Central Bank should s…

RemovedArticle 13 a (new): Article 13a / ECB back-end interfaces / The European Central Bank shall have in place an interface for the purpose of enabling eligible distributing payment service providers to obtain holdings in Digital Euro wallets of a Digital Euro user and to initiate payments on behalf of the Digital Euro user.

AddedRecital 60: (60) To facilitate dispute resolution regarding online digital euro payment transactions as well as funding and defunding operations for the offline digital euro transactions, the European Central Bank should provide payment service providers and digital euro users with technical and functional support for dispute resolution, related at least to technical and fraud (pre) disputes. Technical disputes include inter alia situations where the transaction amount differs, where there are duplicates, or where there is no authorization or pre-validation. Fraud disputes include inter alia situations of identity theft, merchant identity fraud, counterfeit goods.

RemovedArticle 13 b (new): Article 13b / Standards and specifications / The European Central Bank shall ensure that the interface referred to in Article 13a uses standards of communication which are established industry or market standards.

AddedRecital 60 a (new): (60a) To ensure the coherent application of the Rulebook governing the operation of the digital euro, and in view of the European Central Bank’s role as the operator of the online digital euro infrastructure and as designer and standard-setter for the offline digital euro device, disputes among payment service providers arising from the application of that Rulebook should be decided within a single dispute-settlement function performed by the European Central Bank on a contractual basis with payment services providers distributing the digital euro. This arrangement provides for a clear allocation of responsibilities, grounded in a causal nexus between the European Central Bank’s provision of the infrastructure and application of the Rulebook and any issues arising therefrom. To safeguard impartiality, the function should operate under internal rules and a governance framework ensuring operational separation and full independence from the European Central Bank’s payment-system oversight tasks. Decisions adopted in this context should bind participating providers through their contractual commitments, without prejudice to access to judicial remedies under Union and national law.

RemovedArticle 13 c (new): Article 13c / Change of standards and specifcations / The European Central Bank shall ensure that, except for emergency situations which prevent it from doing so, any change to the technical specifications referred to in Article 13a is made available to eligible payment service providers or payment service providers that have applied for the relevant authorisation, in advance and as soon as possible.

AddedRecital 61: (61) To access and use the digital euro as part of digital euro payment services, digital euro users should be provided with front-end services. Those users should have the possibility to access and use digital euro payment services via the front-end services provided by the European Central Bank. In this respect, payment service providers should have capacity to provide digital euro users with the possibility to access and use digital euro payment services via the front-end services provided by the European Central Bank. Payment service providers should be able to allow digital euro users to access and use digital euro payment services through their own front-end solutions. Where digital euro users can choose between different front-end services, the decision to select a given front-end service should ultimately rest in the hands of those users and should not be imposed by payment service providers or the European Central Bank. The European Central Bank and the payment service providers shall implement appropriate technical and organisational measures including state-of-the-art security and privacy-preserving measures to ensure that the identity of individual digital euro users cannot be accessed by the ECB via its front-end solution.

Change 8

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Change 9

RemovedArticle 14 – paragraph 1: 1. For the purpose of distributing the Digital Euro to natural persons referred to in Article 13(1)(a), payment service providers that provide payment services as referred to in points (1), (2) or (3) of Annex I to Directive (EU) 2015/2366 shall, upon request of their clients, provide those persons with all basic Digital Euro payment services as referred to in Annex II.

AddedRecital 62: (62) The ECB and the payment service providers should implement appropriate technical and organisational measures including state-of-the-art security and privacy-preserving measures to ensure that the identity of individual digital euro users cannot be accessed by the ECB via its front-end solution.

RemovedArticle 14 – paragraph 2: 2. For natural persons referred to in Article 13(1)(a) that do not hold a payment account denominated in euro, Chapter IV of Directive (EU) 2014/92 on access to payment account with basic features shall apply, with the exception of Articles 17, to the access to Digital Euro wallet with basic services by consumers.

AddedRecital 63: (63) To enable a smooth user experience, payment service providers that provide digital euro users with front-end services to access and use the digital euro should take care that digital euro users can quickly and easily access and use the digital euro. In particular, online digital euro payment accounts and offline digital euro devices should be clearly labelled by the use of the official digital euro logo. Online digital euro payment accounts should be accessed via one of the main pages of the Internet website or an application, or any other front-end services, on an equal footing with non-digital euro payment accounts.

RemovedArticle 14 – paragraph 3 – point a: (a) provide basic Digital Euro payment services to natural persons referred to in Article 13(1)(a) that do not hold or do not wish to hold a payment account denominated in euro;

AddedRecital 64: (64) To provide for instantaneous settlement, both online and offline digital euro transactions, including in the context of funding and defunding, should be settled instantaneously, in a few seconds only, in normal circumstances. The settlement of online digital euro payment transactions should be performed in the digital euro settlement infrastructure adopted by the Eurosystem. Online digital euro payment transactions should be settled in a matter of seconds as specified under the functional and technical requirements adopted by the European Central Bank. Final settlement of online digital euro payment transactions should be achieved at the moment of recording the digital euros concerned of the payer and the payee in the digital euro settlement infrastructure approved by the European Central Bank, irrespective of whether digital euros are recorded as holding balances or units of value, or of the technology used. The online digital euro settlement infrastructure should seek to ensure adaptation to new technologies, including distributed ledger technology.

RemovedArticle 14 – paragraph 4: 4. Payment service providers referred to in paragraphs 1 to 3 shall provide digital inclusion support to persons with disabilities, functional limitations or limited digital skills, and elderly persons. Without prejudice to paragraph 3, point (b), digital inclusion support shall comprise a dedicated assistance for onboarding to a Digital Euro wallet and using all basic Digital Euro services.

AddedRecital 65: (65) The settlement of offline digital euro payment transactions should be performed without the need for a digital euro settlement infrastructure. Offline digital euro payment transactions should be settled in a matter of seconds as specified under the functional and technical requirements adopted by the European Central Bank. Final settlement should occur at the moment when the funds in the payer’s offline digital euro device are directly transferred to the payee’s offline digital euro device without any intermediation of any payment service provider or the digital euro settlement infrastructure.

RemovedArticle 15 – paragraph 2: 2. With a view to ensuring an effective use of the Digital Euro as a legal tender means of payment, and to avoiding excessive charges for merchants subject to the obligation to accept the Digital Euro under Chapter II while providing compensation for the relevant costs incurred by payment services providers for the provision of Digital Euro payments, payment service providers may charge appropriate charges or fees to be paid by natural persons or merchants to payment service providers, or between payment service providers, shall be subject to limits.

AddedRecital 67: (67) For reasons of contractual freedom and to ensure competition, digital euro users should have the possibility to switch their online digital euro payment accounts to different payment service providers. At the request of the online digital euro users, payment service providers should then enable the switching of the online digital euro payment accounts, while maintaining the same account identifiers. In exceptional circumstances where a payment service provider is unable to perform this task, including due to having lost the relevant digital euro payment account-related data, the European Central Bank should be able to authorise the switching of digital euro payment accounts so that the new payment service provider designated by the digital euro user can retrieve the information about the digital euro holdings of the online digital euro user and complete the switching without relying on the unavailable payment service provider. This process should allow an online digital euro user to then continue accessing its digital euro holdings via the new designated payment service provider. The European Central Bank would not have any operational role in the switching on account both in both going concern situations and exceptional circumstances.

RemovedArticle 16 – paragraph 1: 1. For the purpose of Article 15(1), payment service providers shall define holding limits for their customers to limit the use of the Digital Euro as a store of value and shall decide on their parameters and use. The holding limit can be agreed individually between the payment service provider and the Digital Euro user, while the daily limit of cash withdrawal defined for the costumer´s debit and credit cards may be considered as a reference threshold.

AddedRecital 68: (68) The prevention of fraud by payment service providers is essential for the protection of citizens making use of the digital euro, the integrity of the personal data processed in digital euro payments, and to ensure the smooth and efficient functioning of the digital euro. Fraud prevention plays an essential role in maintaining trust in the single currency. For this purpose, the European Central Bank should establish a general fraud detection and prevention mechanism to support fraud management activities performed by payment service providers on online digital euro payment transactions. A general fraud detection and prevention mechanism delivers a range of essential functions to detect fraud patterns that a single payment service provider could not detect on its own. Often one payment service provider does not have the full picture about all elements that could lead to timely fraud detection. However, it can be made more effective with information on potentially fraudulent activity stemming from other payment service providers. This general fraud detection function exists in comparable payment schemes and is necessary to achieve demonstrably low fraud rates in order to keep the digital euro secure for both consumers and merchants. The transfer of information between PSPs and the fraud detection and prevention mechanism should be subject to state-of-the-art technical, safety and privacy-preserving measures. Individual digital euro users should not be identified by the cent…

RemovedArticle 16 – paragraph 4: 4. Any holding limits on Digital Euro wallets adopted pursuant to paragraph 1 shall apply to both offline and online holdings. Where a Digital Euro user uses both an offline and online Digital Euro, the limit that applies to online Digital Euro shall equal the overall limit determined by the European Central Bank minus the holding limit for offline Digital Euro set by Digital Euro users. A Digital Euro user may set its offline holding limit at any amount between zero and the holding limit set in accordance with Article 37.

AddedRecital 69: (69) To process digital euro payments online or offline, it is essential that front end service providers for the digital euro and issuers of European Digital Identity Wallets obtain access to near field communication technology (NFC) on mobile devices. These components include, in particular but not exclusively, NFC antennas and the so-called secure elements of mobile devices (e.g.: Universal Integrated Circuit Card (UICC), embedded SE (eSE), and microSD etc). It is therefore necessary to ensure that whenever needed to provide digital euro services, original equipment manufacturers of mobile devices or providers of electronic communication services would not refuse access to NFC antennas and secure elements. Central bank money with legal tender should be widely accessible. To ensure this also in the digital economy, providers of front-end services for the digital euro and operators of European Digital Identity Wallets shall be entitled to store software on relevant mobile devices’ hardware in order to make transactions with digital euro technically possible both online and offline. For this purpose, original equipment manufacturers of mobile devices and providers of electronic communication services should be obliged to provide access on fair, reasonable and non-discriminatory terms to all hardware and software components when needed for online and offline digital euro transactions. In all instances, such operators would be obliged to provide adequate capacity on relevant ha…

RemovedArticle 16 – paragraph 5: 5. Visitors to the euro area as referred to in Article 13(1), point (c), and natural and legal persons as referred to in Article 13(1), points (b), (d) and (e), shall be subject to limits as regards the use of the Euro as a store of value that are not higher than the ones effectively implemented in the Euro area for natural and legal persons residing or established in Member States whose currency is the euro. The parameters and use of the instruments shall be applied in a non-discriminatory manner and uniformly across Member States whose currency is not the Euro.

AddedRecital 70: (70) The rights to privacy and personal data protection are fundamental rights enshrined in Article 7 and 8 of the Charter of Fundamental Rights of the European Union. As stressed by the European Data Protection Board34, a high standard of privacy and data protection is crucial to ensure the trust of Europeans in the future digital euro. This is also in line with the G7 Public Policy Principles for Retail Central Bank Digital Currencies. The processing of personal data for compliance and in the context of this Regulation would be carried out in accordance with Regulation (EU) 2016/67935 and Regulation (EU) 2018/172536, as well as, where applicable, Directive 2002/58/EC37. / 35 Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1–88). / 36 Regulation (EU) 2018/1725 of the European Parliament and of the Council of 23 October 2018 on the protection of natural persons with regard to the processing of personal data by the Union institutions, bodies, offices and agencies and on the free movement of such data, and repealing Regulation (EC) No 45/2001 and Decision No 1247/2002/EC (OJ L 295, 21.11.2018, p. 39–98). / 37 Directive 2002/58/EC of the European Parliament and of the Council of 12 July 2002 concerning the processing of person…

RemovedArticle 16 – paragraph 6: deleted

AddedRecital 71: (71) The digital euro should therefore be designed so as to minimise the processing of personal data by payment service providers and by the European Central Bank to what is necessary to ensure the proper functioning of the digital euro. The offline digital euro should be available with a level of privacy vis a vis payment service providers which is comparable to withdrawals of banknotes at automatic teller machines. The settlement of digital euro transactions should be designed in such a way that neither the European Central Bank nor national central banks can attribute data to an identified or identifiable digital euro user.

RemovedArticle 16 – paragraph 7: 7. Where a Digital Euro wallet is held by more than one Digital Euro user, any holding limit on the related Digital Euro wallet adopted pursuant to paragraph 1 shall amount to the sum of the individual holding limits allocated to its users.

AddedRecital 73: (73) Payment service providers should be able to process personal data in so far as it is necessary to fulfil tasks that are essential to the proper functioning of the digital euro. In line with Article 6(1)(c) of Regulation (EU) 2016/679, processing activities should be considered lawful as regards the digital euro if and to the extent that they are necessary for compliance with a legal obligation to which the controller is subject pursuant to this Regulation. In the framework of this regulation, the processing of personal data for the purposes of the enforcement of holding limits, the initiation of the funding and de-funding of a user’s holdings, and the management of offline digital euro devices for offline digital euro payments are tasks in the public interest that are essential for the protection of citizens making use of the digital euro as well as for the stability and integrity of the Union's financial system. Payment service providers will be the controller of personal data as regards these tasks. In addition, payment service providers may process personal data to comply with existing tasks in the public interest or for compliance with a legal obligation established in Union law that apply to the digital euro. These tasks apply to the provision of payment services and the prevention and detection of fraud in accordance with Directive (EU) 2015/2366, combatting money laundering and terrorist financing in accordance with Directive (EU) 2015/849, the fulfilment of oblig…

RemovedArticle 17 – paragraph 2 – introductory part: 2. For the purpose of Article 15(2), any merchant service charge or inter-PSP fee in relation to Digital Euro payment transactions shall be set by the market participants and shall comply with the principle of proportionality.

AddedRecital 75: (75) Offline digital euro payment transactions are payments that occur either in close physical proximity (“face-to-face”) or at a distance through a digital communication link if connectivity on both devices were to be available. Offline digital euro holdings are digitally stored in the device and there is no need for accounts or settlement infrastructures to perform a transaction. These are characteristics similar to cash and should be treated in a similar way in terms of privacy. Payment service providers should therefore not process personal data related to offline digital euro payment transactions, but only personal data related to the funding or defunding of the offline digital euro device. This includes the identifier of the offline digital euro device which payment service providers attribute to a digital euro user that holds offline digital euro. That level of privacy would be comparable to withdrawals of banknotes at automatic teller machines when payment service providers process personal data related to a user’s identity and data pertaining to how funding and defunding transactions have been carried out. That means that no transaction data monitoring should occur for offline digital euro payment transactions.

AddedRecital 76: (76) The European Central Bank and national central banks may process personal data in so far as it is necessary to fulfil tasks that are essential to the proper functioning of the digital euro. In the framework of this regulation, the processing of personal data for the purposes of the settlement of digital euro payment transactions and the management of the security and integrity of the digital euro infrastructure are tasks in the public interest that are essential for the protection of citizens making use of the digital euro as well as for the stability and integrity of the Union's financial system. The task of maintaining the security and integrity of digital euro infrastructure includes activities related to ensuring the stability and operational resilience of the digital euro. The European Central Bank and national central banks would be the controller of personal data as regards these tasks. The European Central Bank and national central banks would process personal data for these tasks using state-of-the-art security and privacy-preserving measures, such as pseudonymisation or encryption, to ensure that data cannot be used to directly or indirectly identify a specific digital euro user or link them to specific transactions.

AddedRecital 77: (77) For the purpose of enforcing the limits and ensuring the exceptional switching of digital euro payment accounts in emergency situations upon the request of the digital euro user, a single access point of digital euro user identifiers and the related digital euro holding limits is necessary to ensure the efficient functioning of the digital euro across the entire euro area, as online digital euro users may hold digital euro payment accounts in different Member States. When establishing the single access point, the European Central Bank and national central banks should ensure that the processing of personal data is minimised to what is strictly necessary and that data protection by design and by default is embedded. The European Central Bank and national central banks should consider, where appropriate and to minimise the risk of data breaches, the use of decentralised data storage.

AddedRecital 80: (80) For online digital euro payment the AML/CFT risks are similar to comparable digital means of payment. It should therefore be laid down that an online digital euro payment transaction is to be subject to Directive (EU) 2015/849 of the European Parliament and of the Council, and Regulation (EU) 2015/847 of the European Parliament and of the Council39.

AddedRecital 80 a (new): (80a) While offline digital euro payment transactions have similarities with transactions in cash and should be treated in a similar way in terms of privacy, specific holding and transaction limits for offline digital euro payment transactions are essential to mitigate their specific AML/CFT risk profile.

AddedRecital 80 b (new): (80b) The offline digital euro’s feature enabling payments with privacy levels comparable to cash also without physical proximity when connectivity is available on both ends, requires a bespoke AML regime for these offline transactions. That regime should follow a risk based approach aligned with recommendations and standards from competent international bodies in anti money laundering and counter terrorist financing, such as the Financial Action Task Force. The assessment should be proportionate to the offline digital euro’s legal tender status. Calibrating the new AML regime to that status is essential so that its use as a means of payment is not unduly restricted. A workable framework can be found in FATF Recommendation 16, point 8, which provides for a simplified AML framework that departs from the traditional “travel rule” by establishing a de minimis threshold. This approach is already reflected in Union law in Article 19(7) of Regulation (EU) 2024/1624 of the European Parliament and of the Council1a, which allows a full or partial exemption from requirements for certain products, regardless of the distance between payer and payee, subject to a maximum amount. The Commission should develop this bespoke AML/CFT regime in consultation with AMLA. / 1a Regulation (EU) 2024/1624 of the European Parliament and of the Council of 31 May 2024 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (OJ L, 2024/1624, 19.6.20…

AddedRecital 82: deleted

AddedRecital 82 a (new): (82a) In order to ensure a consistent application of the legal tender requirements and keep pace with technological developments, the power to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission to supplement this Regulation by adopting delegated acts in respect of additional exceptions to mandatory acceptance and the types of personal data processed by payment services providers, the European Central Bank and the national central bank and providers of support services. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing up delegated acts, should ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and to the Council.

AddedRecital 85: (85) The European Data Protection Supervisor and the European Data Protection Board were consulted in accordance with Article 42 of Regulation (EU) 2018/1725 of the European Parliament and of the Council41 and delivered a joint opinion on 17 of October 2023.

AddedArticle 1 – paragraph 1: This Regulation establishes the digital euro and lays down rules concerning, in particular, its issuance, legal tender status, distribution, use and essential technical features.

AddedArticle 2 – paragraph 1 – point 1: 1. ‘digital euro’ means the digital form of the single currency, both offline and online, available to natural and legal persons;

AddedArticle 2 – paragraph 1 – point 1 a (new): 1a. “offline digital euro” means a non account-based, digital representation of cash issued by the European Central Bank that is digitally stored and accessible through an offline digital euro device, and that can be digitally and securely transferred to another offline digital euro device without the need for a centralised digital euro settlement infrastructure for final settlement of the transactions, and that can operate even if one or both offline digital euro devices temporarily or permanently have no internet connectivity;

AddedArticle 2 – paragraph 1 – point 1 b (new): 1b. ‘online digital euro’ means an account-based online payment system issued by the European Central Bank that requires a digital euro settlement infrastructure;

AddedArticle 2 – paragraph 1 – point 1 c (new): 1c. "Pan-European sovereign retail payment solution" means a privately-operated European digital payment solution, which: / (a) is accessible within the Union; / (b) is operated by an undertaking established in the Union which is not under the controlling influence of third parties established outside the Union, and essential infrastructure of which is located within the EEA in accordance with Regulation (EU) 2019/452 of the European Parliament and of the Council1a; / (c) operates recognised Union-wide standards in accordance with Regulation (EU) No 260/2012 of the European Parliament and of the Council2a or is technically integrated into SEPA-compliant systems as regards credit transfers, instant payment at the point of interaction or established Union-based debit card schemes; / (d) offers payment functionalities for natural persons; / (e) enables payments in all euro area Member States, directly or through interoperability with other European sovereign retail payment solutions; / (f) is subject to the oversight and supervision of the Union-level requirements by the Eurosystem in collaboration, when appropriate, with national competent authorities; / 1a Regulation (EU) 2019/452 of the European Parliament and of the Council of 19 March 2019 establishing a framework for the screening of foreign direct investments into the Union (OJ L 79I, 21.3.2019, p. 1, ELI: http://data.europa.eu/eli/reg/2019/452/oj) / 2a Regulation (EU) No 260/2012 of the European Parliament and of the Cou…

AddedArticle 2 – paragraph 1 – point 5: 5. ‘digital euro payment account’ means an account held by one or more online digital euro users with a payment service provider to access online digital euro recorded in the digital euro settlement infrastructure and to initiate or receive online digital euro payment transactions, irrespective of technology and data structure;

AddedArticle 2 – paragraph 1 – point 5 a (new): 5a. ‘offline digital euro device’ means the secure element in which the offline digital euro is stored that complies with the software and hardware requirements set up by the European Central Bank to ensure the safety, resilience and integrity of its storage and its transfer through digital euro payment transactions;

AddedArticle 2 – paragraph 1 – point 6: 6. ‘European Digital Identity Wallets’ means European Digital Identity Wallets as defined in Article 3 point 42 of Regulation (EU) No 910/2014 of the European Parliament and of the Council2a; / 1a Regulation (EU) No 910/2014 of the European Parliament and of the Council of 23 July 2014 on electronic identification and trust services for electronic transactions in the internal market and repealing Directive 1999/93/EC (OJ L 257, 28.8.2014, p. 73, ELI: http://data.europa.eu/eli/reg/2014/910/oj).

AddedArticle 2 – paragraph 1 – point 7 a (new): 7a. 'offline digital euro payment service’ means any of the business activities set out in Annex I;

AddedArticle 2 – paragraph 1 – point 8: 8. 'online digital euro payment service’ means any of the business activities set out in Annex Ia;

AddedArticle 2 – paragraph 1 – point 9: 9. ‘payer’ means anyone who has offline digital euros in an offline digital euro device and transfers them to another offline digital euro device or anyone who has an online digital euro payment account and allows a payment order from that online digital euro payment account;

AddedArticle 2 – paragraph 1 – point 11: 11. ‘funding’ means the process whereby a digital euro user acquires digital euros, in exchange for either cash or other funds, meaning a direct liability of the European Central Bank or a national central bank towards that digital euro user;

AddedArticle 2 – paragraph 1 – point 15: 15. ‘offline digital euro payment transaction’ means a digital euro payment transaction, made in physical proximity or through a digital communication link between the payer and the payee, between the offline digital euro device of the payer and the offline digital euro device of the payee, where authorisation and settlement take place in the local storage devices of both payer and payee;

AddedArticle 2 – paragraph 1 – point 17: 17. ‘conditional digital euro payment transaction’ means an online digital euro payment transaction which is instructed automatically upon fulfilment of pre-defined conditions agreed by the payer and by the payee;

AddedArticle 2 – paragraph 1 – point 19: 19. ‘digital euro settlement infrastructure’ means the settlement infrastructure of the online digital euro adopted by the Eurosystem;

AddedArticle 2 – paragraph 1 – point 25: 25. ‘comparable digital means of payment’ means digital means of payment, including debit card payment and instant payment at the point of interaction but excluding credit transfer and direct debit that are not initiated at the point of interaction;