October 30, 2020

The European Union will consider a bill on digital euro and cryptocurrencies

The European Union will consider a bill on digital euro and cryptocurrencies

The European Central Bank should consider issuing digital currency for public use, writes Reuters with reference to the bill drawn up in the EU.

Along with the launch of digital currency, the drafters of the bill call for a unified approach to cryptocurrencies, including the possibility of banning projects that will be considered high-risk.

“The ECB and other central banks in the EU should productively explore the possibilities and risks of issuing digital currencies of central banks”, - the document says, subject to further revisions.

The bill may be tabled for discussion by EU finance ministers on Friday, and the issue of its adoption will be decided at the next meeting on December 5th.

Document authors express position supportThe G-7, which fears the risks of private currencies, including, but not limited to, money laundering, consumer protection, the functioning of the payment system, taxation and cybersecurity.

“We need at least a solid legal basis for working with virtual currencies, - said a member of the European Parliament Marcus Ferber.

The Commission is still too careless about this issue. The Libra threat is on the horizon, which means it's time to act. ”

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