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Cryptocurrencies

Political parties in Germany ponder over a euro-backed stablecoin

Wednesday 3 July 2019 | 12:06 PM CET

Germany’s dominant political parties are mulling a “digital euro” stablecoin that would be controlled and administered by central banks, according to Yahoo Finance.

The digital euro, or “e-euro” will not be “new money,” but seen as a faster alternative to the fiat euro. The token would be built on a smart-contract enabled blockchain (in name, at least) run by central banks and regulated by law enforcement.

Its purpose will be to “digitise a small part of the existing money supply and make it accessible to a global infrastructure” and “create a serious interface between fiat currencies and the token economy.” That would include Bitcoin, Ether and ERC-20 tokens.

“The e-euro could be used in cross-border transport for simple, inexpensive and fast payment.” Citing German news site Handesblatt, Yahoo Finance noted that the idea for the e-euro was driven in part by the announcement of Facebook’s Libra.

More: Link
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