Digital Euro to Make Europe More Independent

"For me, the digital euro is just the continuation of the introduction of the euro more than 25 years ago," said Finance Minister Markus Marterbauer. In economically uncertain times, Europe could become more independent from US companies like Visa or Mastercard through a digital currency and save on fees to these companies.

Digital Euro as "Twin of Cash"

EU Member of Parliament Evelyn Regner also emphasized the advantages of the digital euro. "It's about European sovereignty," she said. Sovereignty means "using our means of payment the way we want to use them." The consequences of dependence on US financial service providers were felt, for example, by judges of the International Criminal Court. US President Donald Trump sanctioned them because they worked on cases related to Israel and the USA. Now they could no longer use their credit cards.

OeNB Director Josef Meichenitsch explained how the digital euro is supposed to function in everyday life. The digital euro is not meant to replace cash but to complement it. "The daily advantages are also very clear," said Meichenitsch. The digital euro would be available throughout the euro area with free transactions that would meet high data protection standards. Additionally, transactions should be possible without internet access, and money could be transferred directly from one person to another. "Essentially, the digital euro is a twin of cash and brings the advantages of cash into the digital space," said Meichenitsch.

(APA/Red)

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