Europe’s digital euro currency is potentially about to make some progress, as a key figure has stepped aside to avoid delays.
Stefan Berger, a member of the European Parliament (MEP) for Germany, has stood down from his position in the talks. He has been involved for some time after Meta, then Facebook tried to introduce Diem into the region. While the project was killed, Berger called for a digital euro to be developed.
The digital euro isn’t a cryptocurrency, but a “stablecoin”, which would match the euro’s current value. It is intended to offer another method of payment and eliminate transaction fees that are incurred when paying by debit or credit card.
A digital euro would ensure that anyone, anywhere within the EU – whether online or offline – would have access to their money.
This is why, despite contactless payment technology being available in the EU for quite some time now, restaurants in Germany and other countries in the region won’t accept cards.
Stefan Berger steps aside for EU digital euro project to move forward
Berger has become a skeptic of the project, and rather than impeding any progress that the EU makes on bringing it to life, he has stood aside. Part of his concerns include a central bank having that level of control over what could be important infrastructure.
Despite misgivings around the digital euro, Berger has been instrumental in bringing the MiCA regulation (Markets in Crypto Assets) in 2023. This brought clear, defined rules to cryptocurrency in the area, intending to “protect consumers and investors” from the risks of the technology.
According to Politico, MEPs have been pushing for someone to take charge that would bring progress to the project. Some have even pointed to Berger as a main reason for delays, as it is claimed he missed “key deadlines”.
Key members of the EU are now pushing for “quick progress” on the digital euro project.
Featured image: Wikicommons, Digital Euro demo video
