Finance & Economics

MEPs Approve Draft Legislative Framework for European Digital Identity Wallet

The European Union Committee on Industry, Research, and Energy has approved the proposed update of the European Digital Identification System.

MEPs Approve Draft Legislative Framework for European Digital Identity Wallet

Source: Pixabay.com

This update of the legislation will create a legal basis for the release and subsequent use of the European Digital Identification Wallet. EU residents will be able to access digital identification credentials on their smartphones.

The overwhelming majority of the members of the European Parliament sitting on the committee supported the amendments to the legislation. They proposed several initiatives to the draft, which relate to industries such as accountability, confidentiality, and security in the virtual space.

MEPs have also proposed amendments that actually turn a digital wallet into a tool for reading and verifying electronic documents. The need to maintain access to all rights and services in the financial sector for those EU residents who will not use an electronic wallet was also voiced.

With the help of the European Digital Identification System, the EU will become the first global region with a reliable digital identity management system. This statement was made by a member of the committee and a member of the European Parliament from Croatia, Romana Jerkovic.

The digital wallet will become a universal identification gateway that gives citizens full control over their own data and the freedom to decide which information to share.

Romana Jerkovic stated that Digital identity is no longer just a pleasant feature, but a new driving force of civic engagement and social empowerment, as well as a tool for an inclusive digital Europe.

The European Council approved an updated proposal to change the legal framework for the issuance and use of the European Digital Identity Wallet at the end of last year.

The EU has confirmed plans to create a European wallet for digital identity cards in June 2021.

As we have reported earlier, EU Lawmakers Pass More Requirements for Banks Holding Cryptocurrency.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.