European Union ready to launch its digital wallet in 2022

According to a revelation by the Financial Times, the European Union (EU) is set to launch its digital wallet in 2022 so that citizens of all 27 member states will be able to make digital payments and store their information on this virtual app. 

Among the information stored on the app will likely be Covid-19 vaccines and swabs, so that 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 release 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 businesses to make everyday payments quickly, easily, and securely. 

This EU task force comprises 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 regarding the issuance has not yet been taken. 

A few months ago, Lagarde was optimistic about the creation of the digital euro to combat the expansion of stablecoins, which according to her, undermine the solidity of the euro and fiat currencies in general.

In Italy, last December, the experimentation of the digital euro was started by the Italian Banking Association (ABI), which is carrying out the project together with the research center for innovation of the association, the ABI Lab. Even in France a year ago, rumors had already begun to circulate about tests on the project.

The digital wallet app of the European Union

The app will be unlocked by both fingerprint and retinal scan and will also store personal information such as ID cards and driving licenses.

The European Union is very concerned about the privacy of its citizens, so the app’s lock will be compartmentalized, so not all data will be shared with third parties.