The German Banking Association recently laid new information on the digital Euro project, calling for its rapid introduction, so that the continent does not lose touch with the other financial leaders such as USA and China.
However, what is very interesting is the fact that this new project is favoring the IOTA network more than Ethereum and Ripple. In fact, IOTA’s new Coloured Coins feature enables the issue of the digital Euro project on the IOTA Tangle.
While the ETH news and XRP updates show that these big altcoins also have great potential (as referenced by the Bank of France), IOTA is a big player in this manner. The race to issue a digital currency that would be supported by the central bank is entering the next round now. While in the USA we can see that Facebook Libra is in the first phases of enabling more than 2 billion people to pay via Facebook and WhatsApp through a specially created stablecoin, China is also testing the digital yuan in some major cities at Starbucks and other local restaurants.
The digital Euro project is now led by the German private banking association BdB which is pressing for the rapid introduction of a digital Euro. As they said, “the time for hesitation and philosophising is over” but the industry is also demanding a programmable Euro as this is the only way for companies to process effective and reliable payments which would be based on blockchain technology within the framework of industry 4.0.
A position paper that is titled “Europe’s answer to scales: potential and conditions of a programmable euro” shows that BdB is calling for a concrete initiative and roadmap on the digital Euro project coming from the German government.
The crypto regulation news also show that an Europe-wide digital currency will improve many things, as the officials said. Most of all, they noted the first mover advantage, stating:
“Germany threatens to lose its competitive advantage if we do not soon create an interoperable digital euro that can also be used to create smart contracts.”
However, information from the FDP member of the parliament Frank Schaffler and his question to the German government shows that there are no concrete timetables yet. A few days ago, IOTA announced that the IOTA Coloured Coins (ICC) were introduced as part of the second phase of Chrysalis and can represent any kind of asset from the real world based on the IOTA Tangle.
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