Association of over 200 German private banks calls for digital euro

The Association of German Banks, a lobby group of more than 200 private commercial banks, has called for a “programmable” digital euro and a common pan-European payments platform.

In a position paper published Wednesday, the association, which counts Deutsche Bank, Credit Suisse and Commerzbank as its members, said that programmable digital money has advantages over conventional payments, including faster transactions. While the Single Euro Payments Area (SEPA), an instant payments scheme, is already there, it is “not yet possible to integrate it into digital processes and smart contacts,” said the association.

It added that the banking industry should work together with the central banks at the European level to create a payments system that addresses existing issues, as well as retains the benefits of established payment infrastructures. Read More...