{"id":88877,"date":"2020-10-14T13:42:00","date_gmt":"2020-10-14T10:42:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/blockchain-firm-monerium-thinks-europe-already-has-a-digital-euro\/"},"modified":"2020-10-14T13:42:00","modified_gmt":"2020-10-14T10:42:00","slug":"blockchain-firm-monerium-thinks-europe-already-has-a-digital-euro","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/blockchain-firm-monerium-thinks-europe-already-has-a-digital-euro\/","title":{"rendered":"# Blockchain firm Monerium thinks Europe ‘already has’ a digital euro"},"content":{"rendered":"

“# Blockchain firm Monerium thinks Europe ‘already has’ a digital euro <\/strong>”
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Consensys-backed e-money issuer Monerium thinks the route to a digital euro is simpler than the European Central Bank suggests.<\/p>\n

The fintech, which focuses on bridging fiat money with blockchains by issuing programmable digital cash, published a response<\/a> to the ECB\u2019s recent public consultation on the digital euro on Oct. 13.<\/p>\n

In summer 2019, Monerium had become the first company worldwide to receive a license from Icelandic regulators as part of a new European regulatory framework for e-money services across the European Economic Area. It provided fiat payment services using the Ethereum blockchain, and later partnered with blockchain protocol Algorand.<\/p>\n

In its response to the ECB, Monerium argues that all Europe needs to do is to recognize it already has \u201ca proven form of digital euro.\u201d\u00a0<\/p>\n

In 2000, the European Commission had described e-money as a \u201cdigital alternative to cash<\/a>,\u201d issuing a directive which defined it as \u201ctechnically neutral<\/a>,\u201d an \u201celectronic surrogate for coins and banknotes.\u201d In light of this framework, Monerium claims:\u00a0<\/p>\n

\u201cThe only thing that the ECB needs to do to give e-money comparable status to physical cash is to grant e-money issuers access to the ECB\u2019s reserves.\u201d<\/p>\n<\/blockquote>\n

Embracing existing e-money issuers is preferable to the ECB directly issuing digital currency to households and non-financial corporations, in Monerium\u2019s view. Direct issuance would entail a radical overhaul of the existing system, in which the central bank chiefly interacts with regulated financial institutions like commercial banks.<\/p>\n

To back up its case, Monerium points to a report<\/a> from two International Monetary Fund economists, which proposed that non-bank providers could issue digital money with the central bank\u2019s backing in order to roll out a synthetic central bank digital currency (sCBDC).\u00a0<\/p>\n

Europe\u2019s existing e-money framework, in Monerium\u2019s view, is already fit for the IMF\u2019s key criteria for a stable digital currency. To move from e-money to an sCBDC, following the IMF\u2019s lead, would require the central bank to grant e-money issuers access to ECB reserves:<\/p>\n

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\u201cSuch access would be consistent with preserving a ‘level playing field between electronic money institutions and credit institutions’ as stipulated by the e-money directive.\u201d\u00a0<\/p>\n<\/blockquote>\n

As reported, the ECB has made it clear that it will come to a decision on whether or not to launch a digital euro project towards the middle of 2021.<\/p>\n

An ECB report in Oct. 2020<\/a> outlined the scenarios and requirements for a future digital euro. Crucially, the central bank considers a CBDC to be a matter of \u201cstrategic autonomy\u201d for the Eurozone, at a time when stablecoins from private and overseas actors threaten to \u201cundermine financial stability and monetary sovereignty in the euro area.\u201d\n<\/div>\n

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For forums sites go to Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n

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If you want to read more News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“# Blockchain firm Monerium thinks Europe ‘already has’ a digital euro ” Consensys-backed e-money issuer Monerium thinks the route to a digital euro is simpler than the European Central Bank suggests. The fintech, which focuses on bridging fiat money with blockchains by issuing programmable digital cash, published a response to the ECB\u2019s recent public consultation…<\/p>\n","protected":false},"author":1,"featured_media":88878,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/storage\/uploads\/view\/da686c8b0c9aa020d66dd578110c8113.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75604,28340,70934],"class_list":["post-88877","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-euro","tag-europe","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/88877","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=88877"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/88877\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/88878"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=88877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=88877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=88877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}