Federal government hesitates with E-Euro

The federal government is struggling to take a clear position on the digital euro. This emerges from a request from the FDP parliamentary group that BTC-ECHO has received.

While the discussions about the introduction of the Diem stablecoin from Facebook are now also preoccupying the federal government, they are still waiting in vain for more substantial statements regarding the digital euro.

A request from FDP MP Frank Schäffler brought little new knowledge to light

In October, BTC-ECHO already reported on the cautious formulations of the federal government regarding the e-euro. At that time, the rulers did not yet agree on whether the introduction of a digital euro by the ECB would make sense. A lot has happened on the global stage since then. Facebook has renamed its stablecoin Diem and is continuing to push for an introduction in the coming year. China is already testing its CBDC on the population and the G7 has only recently shown its resolve to regulate cryptocurrencies.

No decision on the introduction of the e-euro yet

While the federal government already wants to regulate other digital currencies, the progress towards the introduction of a digital euro is not significantly more advanced than in October. The ECB has still not made a decision whether a digital currency should come in the euro area at all, even if a lot stands for it. The related discussion is also just beginning, says the document. They are currently still in an „experimental phase“, which will end in March 2021. Then one would think about transferring it to a formal project investigation.

The federal government sees the possible introduction of a digital euro as a complementary means to normal cash. In doing so, she takes the same position as ECB boss Christine Lagarde, who already announced her position in an interview at the end of November . Lagarde is still skeptical of cryptocurrencies like Bitcoin.

Because the „E-Euro“ project is still in such an early stage, no valid information can be given about any legal adjustments. In addition, according to the federal government, it is not possible to provide an exact breakdown of those who work on the topic.

ECB launched online survey on the digital euro

For a long time, the European Central Bank had concerns about cryptocurrencies. In October it went public and asked citizens and companies whether and how it would make sense to use a digital currency. In relation to this, the FDP parliamentary group raised the question of whether the federal government would participate in the public consultation process. One will not take part in the survey, since the survey is more aimed at companies, associations and private individuals. After evaluating the data, the Governing Council then decides whether a digital currency should be tackled.

Criticism from the FDP parliamentary group

The member of the FDP parliamentary group Frank Scheffler criticizes the hesitant behavior of the federal government and the ECB:

The government has still not found its position. While Facebook wants to launch Diem in the US in the New Year, the government is preventing innovative means of payment in Europe,

said Schäffler in an email exchange with BTC-ECHO.

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