EU digital wallet being prepared for comprehensive testing
The EU continues to integrate the crypto industry into traditional systems. The EU digital wallet has moved from development to testing. If the tests are successful, the European government must reconsider its attitude towards crypto-assets.
The introduction of the digital wallet will have to be implemented with legislative amendments. It should be noted that there have been talks about crypto-assets in the EU government for several years. So far, however, the eiDAS regulation clauses have yet to be agreed upon. Many officials would like to introduce a digital wallet. The point is that its use would make plastic cards unnecessary. In addition, such a wallet could act as an identity document, such as a driver’s license or passport.
The development of the digital solution was aimed at streamlining all payment processes in the EU. The digital version of traditional cards will greatly simplify transactions and interactions with banks. In addition, the digital wallet is a great way to reduce the environmental impact of plastic card production and use. The development of this tool is an important step for the EU, but it should be understood that moving away from traditional solutions will be long. Preparing a strong legal framework to speed it up is vital, but politicians have been slow to make changes so far.
The authors of the project promise that the digital wallet can be used to store documents and various cards in virtual form. A single application could contain both medical prescriptions and licenses for certain activities. And when the wallet is used, its owner can make only specific documents available for others to view. The rest will be securely protected from prying eyes. For example, in the case of a stop on the road, a police officer will only look at the driver’s license and car documents. And if you are selling alcohol, the seller will have access only to your passport.
Some experts believe implementing the digital wallet could be completed in Europe as early as 2025. However, one of the problems on the way to digitalization is the population’s conservatism. Most Europeans are used to using paper documents and plastic cards, which means abandoning them may take a long time.
It is difficult to say precisely how many years it will take for people to switch to electronic tools. In addition, the digital wallet must first be tested and then approved by the European Parliament. This process could be seriously delayed, as officials are not very interested in transforming legislation and integrating electronic transactions into all areas of life. The problem of Internet accessibility, without which a digital wallet cannot be used, should also be considered.
