EU finance ministers’ group state political aspects of digital euro

MARKET_WATCH Economy

The Eurogroup reaffirmed its support for digital euro research but underlined that some of the design and application features under consideration would necessitate political decisions.

 

Following a meeting in Brussels, the eurozone finance ministers issued a statement on the launch of the digital euro. According to the report, Eurogroup meets regularly to examine the political elements of the future digital currency. The comment was made on the same day that the European Central Bank (ECB) released a “stock-taking” document describing the status of the digital euro design.

The European Central Bank and European Commission took up the task of keeping the Eurogroup and EU member states updated on progress regarding the construction of the digital euro, which is now under investigation. This was included in the Eurogroup statement, stating:

 

“The Eurogroup believes that political decisions should be addressed and made at the political level to implement a digital euro and determine its essential characteristics and design choices.”

 

The committee highlighted the topics it was keeping an eye on, including privacy, the effects of digital currencies on the environment, financial stability, and other relevant matters. Additionally, it indicated an interest in the central bank digital currency proposals of EU members that do not belong to the eurozone.

 

The group’s participants said they stand ready to participate in these talks.

In addition, they applauded the European Commission’s plan to submit a legislative proposal in the first half of 2023 that would create the digital euro and govern its essential elements, subject to the co-legislators approval.

The ECB Governing Council is scheduled to consider the findings of the investigative phase involving digital currencies in the third quarter of this year. At this point, the proposed amendment is supposed to be presented.

The Eurogroup statement was released a day after an editorial claiming that it did not justify the expense and risk of forming CBDCs were published in the Financial Times by a former Bank of England adviser.

 

Source : [EU finance ministers’ group state political aspects of digital euro](crypto.news/eu-finance-ministers-group-state-political-aspects-of-digital-euro/) by Samuel Mbaki Wanjiku - crypto.news by Samuel Mbaki Wanjiku / January 17, 2023

Join our 70k+
tribe of Akters

Have any questions?

Check our Q&A

About the AKTIO coin

Benefit fully from our ecosystem

What’s new in the App?

We’re adding new features

Customer support

support@akt.io

+353 1 574 7382

+39 06 4525 6900

Opening hours:

Monday to Friday: 9am - 5pm CET

Company

About

AKTIO coin

Careers

Learn

News

Glossary

AKT Academy

Help

FAQ

Sitemap

System Status

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata ICO Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma

Italy

Automata Pay Ltd, Reg number 12208424 and incorporated in the United Kingdom is the registered agent of Modulr FS Limited, a company registered in England with company number 09897919, authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900573). Traditional currency will be safeguarded by a licensed bank in segregated accounts in accordance with regulatory requirements.

Automata Pay Europe Limited, Reg number 69028 and incorporated in Ireland is the registered agent of Modulr FS Europe Limited, a company registered in Ireland with company number 638002, authorised and regulated by the Central Bank of Ireland as an Electronic Money Institution (Institution Code C191242). Traditional currency is safeguarded as e-money in accordance with our regulatory obligations. Traditional currency will be safeguarded by a licensed bank in segregated accounts in accordance with regulatory requirements.

Automata ICO Limited, Reg number 690280 and incorporated in Ireland has applied for a Virtual Asset Service Provider registration with the Central Bank of Ireland. Whilst the application is ongoing we are permitted to continue business as a Virtual Asset Service Provider in line with the Central Bank of Ireland's regulatory disclosure statement as required under section 106L of the CJA 2010 in relation to registered VASPS. It is important to note that a registration as a VASP is a registration for Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) purposes only. While Automata ICO Limited does have certain financial crime control obligations under this registration, cryptoasset services remain largely unregulated. The Financial Ombudsman Service or the Financial Services Compensation Scheme do not apply to the cryptoasset activities carried on by Automata ICO Limited.