News News European Union to Launch Digital Wallet

European Union to Launch Digital Wallet

March 16, 2023 News
BITmarkets | European Union to Launch Digital Wallet

The European Parliament has officially voted in favor of negotiating a mandate and an appropriate framework for the launch of a European Union-wide digital wallet, and the EU council is seemingly ready to begin discussions with Eurozone member states to note down the final form of legislation.

The eID amendments are aimed at allowing EU citizens to have full autonomy over their identity data, and that the scheme “would allow citizens to identify and authenticate themselves online — via a European digital identity wallet — without having to resort to commercial providers, as is the case today — a practice that has raised trust, security and privacy concerns.”

Mainly focused on privacy protection and full control of identity data, this initiative would like to also form a dedicated wallet for businesses and citizens in the EU, by the name of the “European Digital Identity Wallet”, also known as EDIW.

Individuals and corporations will be able to store identity data and digitized documents in a safe, user-friendly and secure manner, which will bolster the mechanism of accessing such data and sharing it to other entities.


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