Germany’s Finance Minister Urges For Accelerated Digital Euro Development

Germany’s finance minister urged the European Central Bank to boost the developments on the Digital Euro and to finally bring a decision so let’s read more in today’s crypto news.

Germany’s finance minister Olaf Scholz wants the European Central Bank to move faster with the decision on the digital Euro. Scholz is known for its anti-crypto sentiment while he encouraged the EU to develop digital currencies in order to prevent the proliferation of private virtual currencies. According to the latest reports by Reuters, Germany’s Federal Minister of Finance urged the EU to speed up the plans on the proposed digital Euro.

Germany increases costs

Speaking during an online conference about the future of payments in the EU Region Scholz said that most businesses and consumers are starting to demand digital money. Olaf said:

 “On the digital euro, I think we should work very hard. It is nothing where we should wait and see. [We] should be able to decide at any time that now we should do something with a digital euro.”

Scholz’s clamor for the EU CBDC enhanced the sentiment shared by the governor of France’s central Bank Francois Villeroy de Galhau and according to him, the digital euro was important as the EU is not able to afford falling behind in the CBDC race. The European Central Bank President also made some comments on the digital euro back in September but the ECB chief Christine Lagarde said that the introduction of the digital euro will seek a complementary to the fiat currency system of the region.

olaf scholz
Olaf Scholz. Source BBC

Scholz is one of the biggest anti-crypto finance chiefs in Europe and on several other occasions he even issued warnings on the possible dangers of private digital currencies like Facebook’s Libra. Earlier in 2020, Deutsche Bundesbank chief Jens Weidman called on the EU regulators to work to preventing Libra from entering the region. The German central bank boss offered the digital Euro as a viable measure against projects like this one.

The ECB revealed that it was close to releasing a new report on the planned Digital Euro while the EU is in the research stage still but China is in various advanced testing phases for its digital currency projects. The CBDC fever is also spreading to other nations as both Japan and South Korea are primed to launch a sovereign digital currency test in 2021.

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