Minister Olaf Scholz urged the European Central Bank to speed up its preparations for the Digital Euro.
Speaking at a conference held online on November 27, German Finance Minister Olaf Scholz expressed his thoughts on the future of payments in the European continent in a statement.
The minister urged the European Central Bank to speed up its preparations for the digital euro, in order to meet the growing demand for digital currency. Scholz said in a statement that the digital currency will play a very important role in improving both local and international payments.
Stating that businesses and consumers show a high interest in digital money, the German Finance Minister stated that the central bank should meet the expectations and increase its efforts in creating solutions for digital payments. Scholz also stated the following:
“I think we need to work hard on the Digital Euro. This topic is not something we have to wait and see. We should always be able to decide that we have to do something with a digital euro. ”
According to the minister; The central bank digital currency comes with its advantages for users. Also, a digital euro can enable the public to process the payment both online and possibly offline. The launch of a digital euro will increase competition for cryptocurrencies and other digital payments, including internet banks.
The European Central Bank is one of the largest central banks with digital currency launch plans. In early November, the ECB announced that the proposed digital euro would be consulted to the public. The program aims to explore the public opinion and knowledge of CBDCs and possibly the challenges associated with them.
It seems that the need for a central bank digital currency (CBDC) is getting stronger as people continue to seek more solutions to digital payments.