EU Mulling Digital Currency Following Pressure from Libra

EU Mulling Digital Currency Following Pressure from Libra

  • A draft document has surfaced urging the European Central Bank to consider launching a digital currency.
  • Document also calls for a common approach by the EU towards cryptocurrency, including banning risky projects. 

The European Union is reportedly considering the development of a digital currency, following the pressure created from Facebook’s libra.

According to a draft document obtained by Reuters on Nov. 5, the European Central bank is being asked to consider the issuance of a public digital currency. The pressure comes after weeks of regulatory discussion over Facebook’s libra, which has been met with hostility by U.S. and global lawmakers. 

In addition to creating a digital currency, the document also urges the EU to develop a common approach to cryptocurrencies, with the possibility of banning projects that are determined to be too risky. 

The document reads:

The ECB and other EU central banks could usefully explore the opportunities as well as challenges of issuing central bank digital currencies including by considering concrete steps to this effect.

The draft is expected to be discussed by EU finance ministers later this week with the potential for adoption next month. 

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