Association of Private German Banks Argues for Digital Euro
The Association of German Banks, which includes more than 200 private banks, has published document describing the clear economic benefits of using the digital euro.
It says that only states should be responsible for the monetary system, and any currencies with which banks and businesses work must fit into it, or otherwise chaos will ensue. Therefore, the association argues in favor of the digital euro as part of a pan-European payment system with uniform identification standards and legal regulations..
According to banks, programmable digital money has significant potential, and if properly organized, it can become an important element in the further development of the EU in the field of digitalization. At the same time, they are confident that the new form of money will be in demand and will not jeopardize the existing currency systems of countries.
At the same time, the Association of German Banks believes that Facebook’s Libra stablecoin will compete with the world’s key currencies, as well as cause of economic and political conflicts. Therefore, he calls on the authorities of the countries to prevent such rivalry..
In addition to banks, earlier the idea of digitizing the euro for the development of the region’s financial system and protection from Libra was also supported by the German Finance Ministers and France.
text: Ivan Malichenko, photo: bankenverband