Germanys Minister of Finance, Olaf Scholz, has beckoned on the European Central Bank to be steadfast in its move to create the European central bank digital currency. This is the latest call for the increase in the pace at which the bank is working to develop the digital currency as the race among banks to create the CBDC heats on.
According to the Minister, he wants the European Union to move fast and develop its digital currency to prevent private institutions from releasing massive amounts of their virtual currencies into the economy. In the report released by Reuters on November 27, the CEO mentioned this while he was giving a speech on the future of payments in the European region.
Various renowned figures want the ECB to speed up its CBDC creation process
In the statement, Scholz noted that the bank needs to step on the gas regarding creating its digital currency because most businesses across the country have been demanding the service. “In my honest opinion, I think the European central bank should be steadfast in works regarding the digital euro. We don’t have to wait and see what will happen as regards the creation because we can make the decisions now and see what will happen,” Scholz said.
This is not the first time that a popular figure like Scholz will be clamoring for the creation of the central bank digital currency as the central bank governor in France, Francois Villeroy de Galhau, also told the bank to speed up the creation of the CBDC. In his statement, Galhau noted that the creation of a digital euro was crucial as the European Union should not be found to lack when it comes to creating the CBDC. Notably, the European central bank boss, Christine Lagarde, has noted that the bank is currently working on the digital currency. It wants it to run side by side with the local currency system in the region.
Scholz wants regulators to tackle the emergence of Libra into the region
Scholz is known for his averse nature to privately owned digital assets as he has always told people not to trade in stablecoins such as Facebook backed Libra. In a move to clampdown on privately listed digital assets, the Deutsche Bundesbank head, Jens Weidman, told regulators across the European Union not to allow Libra to gain ground across the region.
At the period, the chief of the German bank also asked the European central bank to create its digital currency to combat the entrance of the Libra when it eventually launches. Coming side by side with the announcement that the European central bank was working on its CBDC was the news that a report will be released that will give detailed insight into the kind of CBDC that the bank wants to release.
With numerous countries and the European union inclusive still researching how to develop their CBDC, China is leading everyone by a mile after various tests of its digital currencies across various locations in the country. Also, countries such as Japan and South Korea have announced that they are making maximum progress in the research towards creating their respective CBDCs. A recent survey carried out by fintech firm dGen has shown that about five countries will replace their native currency with CBDCs by 2030.
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