An association of more than 200 private German banks has called for a digital euro.
According to document published by 30 on October, the Association of German Banks, a lobbying group of more than 200 private banks, called for the release of a "programmable digital euro." A lobbying group emphasized the recent impact of Facebook on digital currency. attracting increased attention from regulators, which are now forcing politicians to study the financial system in the digital age.
Politicians, first of all, recognized that this initiative raises the question of what the global monetary system will look like in the digital age and who will shape it in the future.
The association argued that currencies should remain sovereign in order to avoid “chaos and instability”
There can be no doubt that responsibility for the monetary system rests and will rest with sovereign nation states. Therefore, any currency provided by banks or other private companies must fit into a system determined by the state. Anything else will eventually lead to chaos and instability.
However, the lobby group called for the release of the digital euro and the creation of a common pan-European payment platform to bring financial systems into the digital age.
According to the document, German private banks recognize the "great potential" of digital money and are ready to contribute to help legislators and regulators lay the necessary foundations for "digital innovation."