German Chancellor Angela Merkel in Berlin on March 31, 2021. – Hannibal Hanschke / AP / SIPA
Europe must be “at the forefront” of the creation of a common digital currency and “actively” work for this new payment tool to emerge, argued German Finance Minister Olaf Scholz on Friday.
“A sovereign Europe needs innovative and competitive payment solutions,” said Olaf Scholz ahead of a videoconference of euro zone finance ministers (Eurogroup), which should address this issue. For the Social Democratic Minister, “Europe must be at the forefront on the issue of central bank digital currencies and must actively promote it”.
The ECB will decide this summer
Thus, the leading economy in the euro zone “will constructively support” the work undertaken by the European Central Bank (ECB) with a view to the possible creation of a digital euro. “We must not be spectators” of this development, said the German minister who also called “not to become dependent where the sovereignty of States is at stake”.
The ECB will decide this summer whether or not to embark on the creation of a digital euro, after a wide consultation and studies undertaken in recent months, said one of its officials this week.
No need for a bank account
According to a public survey by the Frankfurt institution, also unveiled this week, individuals and professionals questioned first of all expect confidentiality (43%) from digital currency, followed by security (18%), the ability to pay. in the euro zone (11%), the absence of additional charges (9%) and the possibility of paying outside the internet (8%).
The issue of cryptocurrencies is being closely studied by many countries, particularly in the face of the digital currency project initiated by Facebook, Libra. Several central banks are working on the subject, China and its crypto-yuan project being among the most advanced.
Digital currencies are stored in electronic media, without the need for a bank account, and are accepted as a means of payment by businesses.