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Why will Europe need political consensus to roll out digital euro?

Eurogroup has been meeting regularly to discuss the political dimensions of a digital euro, the statement by the informal body explained.

“The Eurogroup considers that the introduction of a digital euro as well as its main features and design choices requires political decisions that should be discussed and taken at the political level,” read the statement by Eurogroup— an informal body comprising finance ministers from European countries to discuss matters related to the Euro. The statement explained that the Eurogroup has been meeting regularly to discuss the political dimensions of a digital euro. The meeting was held to take stock of the digital euro project and its progress. “This investigation does not prejudge any future decision on the possible issuance of a digital euro, which would only come after further exploration in a possible realisation phase,” the statement clarified. Why it matters: The statement coincides with the release of a European Central Bank’s (ECB) document detailing the progress of digital euro design, as per CoinTelegraph. The statement is significant as it will provide guidance to the European Commission (EC) when it drafts a legislative proposal for the digital euro. Moreover, it is likely to set the tone for deliberations, once the proposal is released publicly, which will take place during the course of 2023. The statement also implies that it is important to evaluate risks, especially user privacy, before rolling out digital currency backed by a central bank. https://twitter.com/europe4crypto/status/1612860156257398784 What were the issues: The statement revealed that several issues were discussed during the meeting but we are going to focus on the important ones— Not replace cash: “A digital euro should…

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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