European Union plans to launch digital euro

European Union plans to launch digital euro

November 6, 2019 by
A bill published by the European Union suggests that the EU is considering the possibility of producing its own digital currency.

According to Reuters, the bill – which is still awaiting amendment – calls on EU member states to develop a common approach to the regulation of cryptocurrencies, as well as a common approach to the selection and prohibition of risky blockchain projects.

If the current version of the bill is adopted, it may come into force next month.

The draft, prepared by the Finnish representation in the EU, also aims to produce its own cryptocurrency by the European Central Bank. The document states:

The ECB and other Central Banks of Europe can explore the prospects and risks associated with the issue of their own digital coin, as well as develop specific steps to address these problems.

As a reminder, the Association of Private Banks in Germany recently presented a paper supporting the creation of European digital currency and a single standard for its classification across the euro area.

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