European Digital ID to be available in 2022

The European Commission has set out a framework for a European Digital Identity to be available to all those EU citizens wanting it by September 2022. Under the new regulations, “public authorities or private entities in the EU will be able to offer digital wallets which link their national digital identities with proof of other personal attributes (e.g. driving licence, diplomas, bank account),” Finextra reports.

The Commission states that the European Digital Identity will:

  • be available to any EU citizen, resident and business,
  • be widely useable as a way to either identify users or to prove certain personal attributed, for the purpose of access to public and private digital services across the union,
  • enable people to choose which aspects of their identity, data, and certificate they share with third parties, and to keep track of such sharing. User control ensures that only information that needs to be shared will be shared.

To speed up the process of establishing the digital ID, the Commission has invited Member States to establish a common toolbox by September 2022 and to commence the necessary preparatory work immediately.

Linked to digital euro?

The announcement of a digital identity and wallet may be linked to a potential decision on a digital euro. Issuing a CBDC has been frequently discussed by EU leaders over the past 12 months, with leaders often highlighting the need for a digital identity in order for a digital euro to be successfully developed. Indeed, the ECB said recently “a digital euro could boost the single currency’s international status by making it easier to use for paying or saving.” It added, “Safety, low transaction costs and bundling effects, could ease international adoption of a currency.”

Certainly the announcement of the digital ID framework suggests that we will see some CBDC developments in the EU, and the Bank of England is also saying that the release of a ‘Britcoin’ is now looking more probable than ever.

--

--

--

Creditum is the mobile application integrating regular cash with Crypto, Holding, Buying, Exchanging and Spending

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Post Remain

Deccan Chronicle announces salary cuts for FY20–21, freezes promotions

Bishop says Pence chat was ‘genuine’ — The Australian

Rethinking Cities: Listening to People’s Voices — Towards Equitable Decision Making

No Brexit Means Costs Keep Rising

Russia/Ukraine: Measurement of Arsenal is an Evil itself.

What Country Is Poorer than Most People Think?

10 credible NGOs in Mumbai changing lives of the poor

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Creditum.io

Creditum.io

Creditum is the mobile application integrating regular cash with Crypto, Holding, Buying, Exchanging and Spending

More from Medium

An Agent’s Value In Residential Real Estate

How sweet is your blood? Scanbo gives an answer without poking holes in you

The innovation principle Musk

Solar Self-Sufficiency: The Dollars Behind

Dollar bills