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14 June 2022

GBIC comments on the targeted consultation on the digital euro


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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