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Technology / AI and automation

EUROPE DELAYS RULES ON ELECTRONIC MONEY

Plans to allow supermarkets, telcos and other non-banking organizations to issue electric forms of money have been postponed until September by the European Commission. Approval for the proposal had been expected today but a commission official said ‘technical issues’ needed to be clarified. Although payment cards and other forms of electronic money already exist in Europe, the plan was designed to remove obstacles to their widespread introduction. But the European Central Bank is believed to want to impose the kind of regulations on those issuing electronic money as are already imposed on banks.

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