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Oct. 31, 2019

The Association of German Banks, which includes over 200 banks, has issued an official statement according to which, they admit that digital money has great potential that can be a key component "in the next stage of the evolution of digitalization."

The German banks will reportedly play their part in establishing a sustainable and innovative monetary system.

"This requires a European or, better still, a global identity standard. With every form of digital money, customers should be identified using a standard that is just as strict as that which banks and other obligated entities are required to apply under current anti-money laundering rulesm," notes the statement.

Previously a German politician serving as Federal Minister of Finance and Vice-Chancellor Olaf Scholz called for the creation of a digital euro coin.

Germany Passes Law to Ban Parallel Currencies Like Libra

The association also highlights digital euro must be a clearly trackable asset.

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