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European heavyweights talk up a Eurozone crypto

14 Oct 2019 : 15:47
2 min read

A “Eurozone crypto” is the newest and most ambitious goal of the Federal Minister of Germany for Finance. Olaf Scholz told the newspaper  WirtschaftsWoche that “a widely-adopted crypto-asset payment system would be good for the financial center of Europe and its integration into the world financial system”.

Olaf, current Germany Vice-Chancellor and certainly one of the most powerful personalities in Europe, has considered the launch of a digital Euro very seriously, in fact, for him is a matter of staying at the head of the race… “We should not leave the field to China, Russia, the U.S. or any private providers,” said the representative during the interview.

In July 2019, Germany’s Central Bank released a paper called  Crypto tokens in payments and securities settlement, in which the financial body reiterated that “ the potential benefits of Facebook’s Libra should not be suppressed despite regulatory uncertainty and potential risks”.

The idea of a “Eurozone cryptocurrency” is not only defended by Germany but also France. France’s former Minister of the Economy and Finance affirmed in France that “the European Union should throw its hat into the cryptocurrency ring with a public digital currency.

All points out that the current German government is working silently but progressively on entering the crypto space. In September, Merkel’s cabinet published a Blockchain Strategy on the 18th of Sept. The online site of the initiative describes the potential of blockchain use cases in the following way:

“Blockchain technology is one of the most discussed innovations of the digital transformation of the economy and society. Action by the Federal Government is required to clarify and unlock the potential of blockchain technology. The strategy aims to exploit the opportunities offered by technology and mobilize its potential for digital transformation”

Michela Silvestri

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