According to the European Commission, the digital euro should become legal tender in Europe. Cash alone cannot sustain the economy in the digital age. According to a draft law by the Brussels authorities, without the e-euro, other countries’ digital currencies or private cryptocurrencies would spread in Europe and diminish the role of the euro.
According to the draft law, which Handelsblatt quoted on Thursday, the European Central Bank (ECB) should be able to authorize the national central banks in the eurozone to circulate digital euros. This could simplify innovations such as direct transfers.
The Commission countered the concerns of the financial sector that the ECB could intervene in customers’ affairs: “No account or other contractual relationship would be created between the user of the digital euro and the European Central Bank or the national central banks .”
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
