Burkhard Balz, board member of the German Bundesbank, continues to promote a digital euro. “I think it is understandable that many people are skeptical and doubt the necessity at this point in the project,” Balz said in Frankfurt. “We must inform and convince people even more of the benefits that the digital euro brings.”
The euro central banks want to use a digital version of the European common currency to counter private providers, especially from the US, who currently dominate the digital payments market in Europe. Whether and when a digital euro will be introduced as a supplement to cash has not yet been decided. This also requires a legal basis at EU level.
“With the European Commission’s proposal in June, the legislator wanted to create a legal framework for the digital euro,” said Balz. “It is important that the Eurosystem continues to prepare for a potential digital central bank currency. Whether the digital euro is ultimately introduced is clearly up to the European legislator.”
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.
