European Union (EU) officials said in a statement that the digital euro will primarily allow only person-initiated payments, rather than allowing businesses to issue invoices, issue paychecks or be used in decentralized finance.

The European Union has not yet decided whether to issue CBDCs or leverage Bitcoin (BTC)-like Blockchain technology at this time, but a bill that will introduce a digital alternative to banknotes and coins will be published in early 2023.

Evelien Witlox, program manager for the European Central Bank's digital euro, said: “We have identified three use cases for the first version of the digital euro. Examples would be peer-to-peer payments that allow transactions between family and friends, consumer payments to business in physical or online stores, and payments to governments.” he said.

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Other uses of CBDC (fee payments, payments between businesses, machine payments and support applications for decentralized finance) could be considered in the future, Witlox said.

Officials at the European Commission want CBDC to be both future-proof and Web3 compatible, but agree that there is no rush to do so. Data released by the IMF last week; reveals that there is CBDC research, testing and distribution in approximately 97 countries.

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Switzerland's largest crypto startup raises $25 million in investment round

As the parent company of Zug-based 21Shares, the newly formed 21.co has raised $25 million in an investment round led by London-based hedge Marshall Wace, reaching a valuation of $2 billion. 21Shares describes itself as “the world's largest ETP (Exchange Traded Products) issuer” on its website.

Having completed its investment round, 21Shares' parent company, 21.co, plans to continue its global expansion. 21.co wants to be included in the Middle East market, with the goal of strengthening the firm's position in its main European markets.