European Union Prepares Draft Text: EU Digital Currency EuroCoin Coming - News-Credit-Mortgage-Coin

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Wednesday, November 25, 2020

European Union Prepares Draft Text: EU Digital Currency EuroCoin Coming

 The draft document released by the European Union suggests that the union should consider issuing its own digital currency.



Will the European Union Be Involved in the Crypto Space?

As reported by Reuters, the draft bill, which is still under consideration, encourages member states to develop a common approach to cryptocurrencies, possibly banning high-risk projects.


If the draft is approved in its current form, which could be as early as next month, it will produce far-reaching results. More precisely, Reuters suggests that such a law could turn into an EU regulatory campaign against cryptocurrencies.


European Central Bank evaluates Eurocoin

The draft prepared by Finland, the EU term president, also suggests that the European Central Bank should consider issuing its own digital currency:


"The European Central Bank and other EU central banks can explore opportunities as well as the challenges of issuing central bank digital currencies, taking into account the concrete steps of this effect."


The draft will be discussed this Friday and the perspective for its adoption will be presented on December 5th.


Europe's digital currency move is seen as a response to Facebook's Libra, as reported in a special analysis in late September.

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