January 28, 2023

German Banking Association supports digital euro

German Banking Association supports digital euro

The Association of German Banks, which includes more than 200 private banks, has published a document describing the clear economic benefits of using digital euro.

It says that for the monetary system shouldonly states must respond, and any currencies that banks and businesses work with 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 common identification standards and legal norms.

According to banks, programmable digital money possesssignificant potential, and if properly organized, 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 current currency systems of countries.

At the same time, the Association of German Banks believesthat the stablecoin Libra Facebook will become a competitor to the world's key currencies, as well as the cause of economic and political conflicts. Therefore, it calls on the authorities to prevent such rivalry.

In addition to banks, earlier the ministers of finance of Germany and France supported the idea of ​​digitizing the euro for the development of the financial system of the region and protection against Libra.