German ruling party report: consider launching euro stable currency to realize the digitization of money supply
Germany's main political parties, the German Christian Democratic Union (CDU, the German ruling party) and the Christian Social Union (CSU) are considering creating a “digital euro” stable currency controlled and managed by the central bank.
A government report released last week said that as a substitute for the statutory euro, the digital euro or "electronic euro" will no longer be a "new currency." Instead, its purpose will be “to digitize a small portion of the existing money supply to make it available to the global infrastructure” and “to establish an important interface between the fiat currency and the token economy”. This will include Bitcoin, Ether and ERC-20 tokens.
This token will be built on blockchain contracts (at least nominally), operated by the central bank and regulated by law enforcement agencies. The report mentions:
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“For example, in criminal activities, electronic euros can be frozen and can be revoked or confiscated if necessary. Electronic euros can be used for cross-border transfers for simple, low-cost and fast payments.”
According to the German news site Handesblatt, part of the reason for the launch of the electronic euro is that Facebook has released the cryptocurrency Libra, which will be supported by a basket of fiat currencies and managed by the Libra Association.
The Libra Association is made up of technology, finance and charitable giants. Governments and regulators, including Germany, have expressed concern about Facebook's plans, which some believe are trying to build a supranational financial system, the shadow bank.
Like Libra, cryptocurrencies being studied in other countries have also raised concerns about privacy. Many users are concerned that digital currency led by the central bank may have privacy issues that make online transactions “easier to track”.
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