Single Currency Package: New Proposals on Digital Euro

On 28 June 2023, the European Commission proposed three regulations related to the Euro currency: the legal tender of Euro banknotes and coins, the establishment of the digital Euro, and the provision of digital Euro services by non-Euro Member States' payment service providers. These proposals aim to ensure continued access to Euro banknotes and coins while introducing a digital Euro to complement cash and support a digital economy. The digital Euro would be central bank money available for retail payments, ensuring legal tender status and secure transactions. Although not primarily focused on private international law, these proposals have implications in this area, particularly concerning the jurisdiction, applicable law, and recognition of judgments involving CBDC transactions.