The German Bank Association is meeting customers’ demand for digital Euros? In any case, there was a plan proposed by the association to create a ‘programmable’ digital currency based on accounts and a euro crypto based on a dispersed register.
If we look at the mistrust of European politicians in the cryptocurrencies and especially in the Libra Facebook project, such a message may seem surprising. For example, Libra is being treated so hostile that we can still hear voices about the total ban on cryptocurrency by Marek Zuckerberg in the European Union. Bitcoin and other crypto money are also not very esteemed, but if you look at it from the other side, maybe that is why European leaders are so reluctant to look at foreign projects. Maybe they want one over which they will have more control.
The German edition of the digital euro project
The project was published on 30 October by the German Bankenverband (German Bank Association), which brings together private institutions and a number of entities from the fintech sector. A study was published a few days ago suggesting clearly that the EU should issue its digital money. At the same time it is no secret that the aim is to create competition for Libra and other cryptocurrencies, and the constant hostility towards them may be a game not so much to remove, because this is rather unrealistic, but at least to make this competition more transparent.
Of course, there is no question of a trade war, but of caring for Europeans, because, according to German bankers, the foundation of the economy is, after all, a stable currency. Their currency, of course. Among other things, the report states with concern:
Until now, no global currency has appeared, and there are good reasons for this.
And then again:
The experience of the euro area shows that the common currency can be a source of serious economic and political conflicts.
Libra can become a real competition for other currencies and hence fierce attacks on this coin. However, apart from the fact that this may indeed be unfavourable to the market and that, in the background, you can also hear about Chinese e-currency, why talk about ideology when it comes clearly to the financial counter-attack? In any case, bankers themselves admit this by appealing in their report:
If we add Libra to this, it will turn out that various digital forms of money will soon be a reality, and the technology of dispersed registry (DLT) will play a key role. Europe must keep pace with the competition so that the global financial architecture is not limited to polarization of American and Chinese solutions.
So far, this has been the first voice in the case of the European cryptocurrency, which is significant, called the euro, but at once very loud. The report also shows a clear hostility towards Libra and the Chinese idea of ejuan, and even a lot of fear. Have the bankers moved a stone that will be followed by an avalanche of similar voices? It is quite possible because good business is clearly escaping from the hands of the bankers, and they cannot allow that to happen.