It is important to note, that EU citizens already have access to efficient and secure digital means of payment.
The German Banking Industry Committee (GBIC) commented on the European
Commission’s consultation on a digital euro. In recent years, the
declining use of cash and the growth of the digital economy amplified
the discussions around digital money. It is important to note, that EU
citizens already have access to efficient and secure digital means of
payment. To be successful, the digital euro must combine comfortability
with clear benefits. The financial sector is situated best in providing
solutions around the digital euro to the customers given the strengths,
innovativeness, and competitiveness of the market. However, the
stability and function of today's trusted two-tier banking system cannot
be put as risk. This must be done in particular by introducing a
holding limit for the digital euro, as otherwise the financing costs for
the economy could increase. Furthermore, due to the diverse
requirements of digital transformation and variety of different use
cases, an ecosystem of innovative digital forms of money is required.
This ecosystem should consist of tokenized commercial bank money in
order to address the requirements of Industry 4.0, among other things as
well as the introduction of a wholesale CBDC for interbank transactions
(please see our GBIC whitepaper from 2021 for more details).
full paper
GBIC
© BDB - Bundesverband Deutscher Banken
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