Sign Up on MEXCBreaking: German Finance Minister Wants ECB to Finalize Digital Euro Plans Faster
Olaf Scholz, the German Finance minister on Friday said that the European Central Bank must work very hard towards finalizing their plans for a digital Euro and a digital payment network. Scholz’s comment came during an online conference on future payments. The finance minister noted that the growing demand for a national digital payment system from the public and businesses alike is a clear hint that the central bank must come up with a plan for the same as soon as possible.
Scholz 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.”
In the wake of the rising popularity of cryptocurrencies and the efficient technology powering it, many developed countries are looking to develop a national digital currency payment system with a central bank-issued digital currency called CBDC. China is currently at the top of the CBDC game as they started almost 6 years earlier and are currently testing the roll-out trials in a number of provinces in the country.
China’s progress and plans of a large-scale roll-out have got many western nations on their feet especially the United States who sees China as a potential threat to the world’s superpower. Recently the National Intelligence director wrote to the SEC chairman expressing concerns over China’s growing dominance in the digital asset field and also called for more inclusive crypto regulations to allow US tech companies to compete with them.
The European Central Bank has also been mulling over the idea of issuing a national digital currency for quite some time now as they look for ways that the CBDC can play a role in simplifying national and international trades.
- Pi Coin Rises As Pi Network Implements Protocol v23 on Testnet
- Tether-Backed Plasma Stablecoin Blockchain Set to Launch on September 25
- Cathie Wood’s Ark Invest Backs Nasdaq-Listed Solmate To Launch $300M Solana Treasury
- REX-Osprey Spot Dogecoin and XRP ETFs Launch With Record Trading Volume
- Analyst Calls $6 XRP Target for November Amid Ripple CEO’s White House Stockpile Hint
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
