The Christian Democratic Union (CDU) and the Christian Social Union (CSU), one of Germany’s biggest political groups, has expressed interest in developing a stable coin based on the euro. The party believes the move will allow Germany to keep up with global technological advancements, enable full oversight of central banks, and reduce overall costs.
The Union first revealed its plans through an announcement titled ‘Investing in the digital future,’ in which it reasoned that Germany is currently in a prime position to set a global benchmark for the regulation and adoption of blockchain technology. The party stated that it is currently devising a new “forward-looking” regulatory framework that will encourage startup growth and funding in the sector.
Nadine Schön, Vice-President of Digital Policy at CDU/CSU, said that Germany’s regulatory approach should not be limited to Bitcoin alone. He brought up several other promising blockchain applications, including digital securities, notary-certified digital identities, and digital corporations. To that end, the party also published a twelve-page paper exploring the various use cases of the technology.
The paper notably includes ‘Digital Euro’ as one of the potential use cases of blockchain technology. It goes on to describe a state-controlled digital currency that is cheaper and faster than its fiat counterpart, and yet, without the volatility or risk that comes with modern-day cryptocurrencies. Read More at BeInCrypto...