Yesterday, the Association of German Banks
published its position on digital currency, saying a ‘crypto-based digital Euro’ should be launched. The entity is considered the ‘voice’ of private banks in the country, and now endorses a blockchain-based or inspired currency.
“The German private banks rate programmable digital money as an innovation with great potential that can be a key component in the next stage of the evolution of digitalization,” the statement reads. The group includes banks such as
Commerzbank,
Deutsche Bank,
FinLeap, and UniCredit Bank among its 200+ members.
Citing the
G7 report on stablecoins, the Association outlines how digital money is a requirement for automated internet of things (IoT) payments, customer convenience and cost, and to remain competitive. The banks believe that they, and other European entities, have the means to build and support the use of a digital Euro. But, they need institutional backing first.
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