The Association of German Banks, which includes over 200 private banks, has spoken in favor of creating the digital euro and a single pan-European payment platform.

Вloomchain.ru reports that the association features famous members such as Deutsche Bank, Credit Suisse and Commerzbank.

The organization believes that “programmed digital money” has a number of significant advantages as compared to traditional payment instruments. In particular, they secure faster transactions.

The association’s statement says that private banks in cooperation with regulators should create a payment system that would solve the issues of the existing infrastructure, at the same time preserving its advantages. The bankers note that to be competitive, the system has to be based on single standards and currency.

“It is the only way to withstand the competition pressure of the U.S. and possibly Chinese technological companies,” the statement highlights.

The association also underlines that stable currency is the foundation of any economic system and key element of state sovereignty, which is why issue of digital money must not jeopardize the stability of the existing monetary and credit system.

According to Association of German Banks, digital euro has to comply with “the highest regulation requirements”. That requires classification of digital assets by legislation and regulation of the sector in the framework of banking licenses. Private banks expect that regulators will lay the necessary foundation for introduction of digital innovations.

Digital euro users must be clearly identified in correspondence with the rules for the fight against money laundering and terrorism funding. For that, regulators need to put together “a pan-European and better yet global” standard of verification.

“Europe has to keep up with the times, otherwise the world will be divided into two poles: the American and the Chinese,” the association said.

Вloomchain.ru adds that bank associations from other countries might join the German initiative, noting that French Minister of Finance Bruno Le Maire has already suggested creating state digital currency within the EU.

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