Digital Euro: Germany’s bid to make Europe a digital economy
“Europe must be at the forefront on the issue of central bank digital currencies and must actively promote it,” said German Finance Minister Olaf Scholz. He also urged states not to “not to make themselves dependent where the sovereignty of states is at stake”.
Germany has advocated for the development of a digital euro. According to German Finance Minister Olaf Scholz, Europe must be “at the forefront” of the creation of a single digital currency and “actively” work towards the emergence of this modern payment medium. “A sovereign Europe needs innovative and competitive payment solutions” Mr. Scholz announced ahead of a videoconference of eurozone finance ministers (Eurogroup) to discuss this question.
“Europe must be at the forefront on the issue of central bank digital currencies and must actively promote it” according to the Social Democratic Minister. Thus, the eurozone’s leading economy “will constructively support” the European Central Bank’s (ECB) work on the potential development of a digital euro. “We must not be spectators” to this progress, said the German minister, who also urged states not to “not to make themselves dependent where the sovereignty of States is at stake”
Following a broad consultation and studies conducted in recent months, the ECB will determine whether or not to launch the development of a digital euro this summer, according to one of its officials this week.
Many countries are closely studying the topic of cryptocurrencies, especially in light of Facebook’s digital currency project, Libra. Several central banks are working on the subject, with China leading the way with its crypto-yuan initiative. Businesses adopt digital currency as a form of payment since they are held in electronic formats and do not need a bank account.
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