Olaf Scholz, Germany’s finance minister, is calling for acceleration of digital euro, Reuters has learned. According to Scholz, the European Union should work "very hard" and speed up the development of digital euro.
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"It is nothing where we should wait and see. [We] should be able to decide at any time that now we should do something with a digital euro," The German finance minister said at an online conference on future payments in Europe.
Scholz says the union should not hesitate with the digital version of euro as there is a huge demand for digital money from consumers and businesses.
At the same time, Facebook’s upcoming digital asset called Libra might pose a threat to the future of money, ECB board member Fabio Panetta said at a Bundesbank-convened future of payments conference.
According to Panetta, the impending revolution in payments requires watchdogs "to stand ready to reinvent sovereign money."
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