For governments and heads of EU institutions, CBDCs would be the best alternative to private cryptocurrencies. The possible deployment of a digital euro in 2023 must have rekindled their love for this new central bank currency. A recent meeting of finance ministers of the 27 highlighted the missing puzzle of the e-euro. They are political decision making.
Importance of political decisions in the diffusion of the e-euro
For the ECB, the diffusion of the digital euro is a priority. If this institution initially planned to release it in 2026, its latest report speaks of a resolution in the same year.
” EU finance ministers adopt declaration on digital euro, taking control saying key features and design choices require political decisions. »
” Finance ministers of the Eurogroup, led by @Paschald, discuss the latest ECB proposals on the digital euro in Brussels on Monday (16.1.2023). The hot topic of citizens’ privacy will be on the ministers’ agenda this time and the following press release will be very important. How come ? »
Eurozone finance ministers recently meeting in Brussels issued a new statement on the digital euro, according to Cointelegraph. The document in question mentions the existence of regular meetings of the Eurogroup during which the political dimensions of this digital currency are discussed. This aspect is in their eyes of fundamental importance.
” The Eurogroup believes that the introduction of a digital euro, its main features and design choices require political decisions that should be discussed and taken at political level “, they specify.
In particular, these ministers addressed:
- the environmental impacts of the e-euro;
- the protection of privacy;
- financial stability;
- as well as related issues.
The Eurogroup also took the opportunity to address projects from EU Member States that are not part of the euro area. The latter is affected by the CBDCs.
” We also welcome the Commission’s intention [européenne] present in the first quarter of 2023 a draft law establishing the digital euro and regulating its main features, following a decision by the co-legislators “, they added.
Apparently, the EU would be seduced by Chinese approaches to honoring CBDCs of centralization. Is this a sign to put aside cryptocurrency regulation? Or a parallel action? Time will tell, for sure.
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The blockchain and cryptocurrency revolution is underway! And the day the impacts are felt on this world’s most vulnerable economy, against all hope, I’ll say I have something to do with it.