EU finance ministers’ group state political aspects of digital euro

MARKET_WATCH Economy

The Eurogroup reaffirmed its support for digital euro research but underlined that some of the design and application features under consideration would necessitate political decisions.

 

Following a meeting in Brussels, the eurozone finance ministers issued a statement on the launch of the digital euro. According to the report, Eurogroup meets regularly to examine the political elements of the future digital currency. The comment was made on the same day that the European Central Bank (ECB) released a “stock-taking” document describing the status of the digital euro design.

The European Central Bank and European Commission took up the task of keeping the Eurogroup and EU member states updated on progress regarding the construction of the digital euro, which is now under investigation. This was included in the Eurogroup statement, stating:

 

“The Eurogroup believes that political decisions should be addressed and made at the political level to implement a digital euro and determine its essential characteristics and design choices.”

 

The committee highlighted the topics it was keeping an eye on, including privacy, the effects of digital currencies on the environment, financial stability, and other relevant matters. Additionally, it indicated an interest in the central bank digital currency proposals of EU members that do not belong to the eurozone.

 

The group’s participants said they stand ready to participate in these talks.

In addition, they applauded the European Commission’s plan to submit a legislative proposal in the first half of 2023 that would create the digital euro and govern its essential elements, subject to the co-legislators approval.

The ECB Governing Council is scheduled to consider the findings of the investigative phase involving digital currencies in the third quarter of this year. At this point, the proposed amendment is supposed to be presented.

The Eurogroup statement was released a day after an editorial claiming that it did not justify the expense and risk of forming CBDCs were published in the Financial Times by a former Bank of England adviser.

 

Source : [EU finance ministers’ group state political aspects of digital euro](crypto.news/eu-finance-ministers-group-state-political-aspects-of-digital-euro/) by Samuel Mbaki Wanjiku - crypto.news by Samuel Mbaki Wanjiku / January 17, 2023

rayn.finance logo

Automata FRANCE SAS

240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma

Italy

The purchase of digital assets is subject to a high market risk and price volatility. Changes in value can be significant and occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and returns can fluctuate both up and down, and you may not recover the amount you invested. RISK WARNING

Automata ICO Limited has a branch in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.

Automata Pay Europe Limited is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your funds will be held in one or more segregated accounts and safeguarded in line with the Financial Supervision Act.