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European Commission Supports Digital Euro Project, Major Breakthrough for Digital Payment Industry

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The European Commission is backing the digital euro project proposed by the European Central Bank (ECB), European Commissioner for Economy Paolo Gentiloni said.

Addressing a press conference on Friday following a Eurogroup meeting, Gentiloni said the project was being seen “as a potentially important element of a strong and innovative digital finance sector” as well as one that could lead to more efficient and resilient payment systems.

“A digital euro could also support broader policy objectives: the digitalisation of our economy, open strategic autonomy, and strengthening the international role of the euro,” he added.

Gentiloni warned that a digital euro has opportunities and risks “which need to be carefully taken into account as we move forward”.

During the meeting, the finance ministers of the euro area were given a presentation on the topic by ECB chief Christine Lagarde.

Eurogroup President Paschal Donohoe said the finance ministers of the euro area were “looking with interest” at the idea of creating a digital euro which “has the potential to affect our way of life in the years to come”.

“This is an important project, not just technically, but also politically, and I expect that Eurogroup ministers will play an important role in considering the case for and the political dimensions of a digital currency,” he said.

The EU Finance Ministers also continued their discussions on setting up a banking union.

“Our banking system has proven its resilience to date during the era of Covid-19,” Donohoe added.

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SMEStreet Edit Desk is a small group of excited and motivated journalists and editors who are committed to building MSME ecosystem through valuable information and knowledge spread.

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