German banks offer a European digital currency

According to the report,Association of German Private Banks, on their website in a very long note, the banks of Germany would like to proceed with the creation of a European digital currency. 

For the association, just the initiative from Facebook to create his own stablecoin, has led private institutions and banks to wonder how and what will happen in the future with a new global monetary system, where digital plays an increasingly important role. 

For this reason, second the association and the German private banks it would be necessary to take responsibility for the modern monetary system, trying to meet it, but remaining in the hands and under the control of the National States, in order to avoid the danger of financial instability at the world level. 

New technologies in the financial field, they are certainly a challenge for banks, as digital change and innovations are leading to disrupt the concept of banking, creating increasingly decentralized systems. 

For this reason, according to the association, we should choose to create a stable currency that can be the basis of the system European and banking economy, in this way the stability of the institutions will not be jeopardized by any cryptocurrency. 

So the perspective in which German banks would like to move is to recognize digital currency as a way to increase the presence of conventional entities in the new financial world. creating a digital euro which is based on the technology used for cryptocurrencies. It also creates a pan-European payment platform that is commonly used for the use of the digital euro. 

Moreover, according to the association of German private banks, it would also be necessary to proceed with a legal classification of programmable digital currencies, in this way everyone will be able to respect the regulation and the supervisory framework for the euro cryptocurrency.

As for the creation of a digital euro, they also require that users using the platform be identified, with rigorous standards such as those used by banks today, to avoid problems such as terrorist financing and money laundering.