China’s digital currency – explained!
French Finance Minister Bruno Le Maire believes that the European Union needs its own public digital currency that can withstand Facebook’s cryptocurrency project, supporting the economic and political stability of the region.
At a meeting of EU finance ministers in Helsinki, Le Maire told reporters about his plan for a single European digital currency, which he will discuss in detail with colleagues next month..
At the press conference, he once again expressed concern that the Libra stablecoin threatens financial stability and even the sovereignty of European states. Other participants in the meeting support this point of view and say that the same is exploring various ways to reduce risks..
ECB board member Benoit Cure said the announcement of Libra has spurred the development of the instant payment system TIPS, as well as prompted the possibility of issuing a central bank’s digital currency. The project will allow the use of electronic money without the participation of financial intermediaries and bank accounts, since the funds will be deposited with the ECB.
In addition, Le Maire said that the EU needs to reconsider its approach to regulating cryptocurrencies. In his opinion, in order to eliminate uncertainty and disagreement on this issue, it will be necessary to create a reliable and common structure..
Plans Facebook has also stepped up the development of the digital yuan, which, according to a spokesman for the Central Bank of China, will technically surpass Libra..
text: Ivan Malichenko, photo: twimg