A number of giant banks throughout Europe have began working collectively on a brand new digital foreign money tied to the euro.
Their aim is to supply a safe and dependable digital cost possibility that complies with the EU’s Markets in Crypto-Property (MiCA) regulation.
The undertaking includes 9 banks, together with ING from the Netherlands and Italy’s UniCredit. Others collaborating are CaixaBank (Spain), Danske Financial institution (Denmark), Raiffeisen Financial institution Worldwide (Austria), KBC (Belgium), SEB (Sweden), DekaBank (Germany), and Banca Sella (Italy).
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To steer the undertaking, the group has arrange a brand new firm within the Netherlands. This firm will likely be accountable for designing and managing the digital foreign money, which is deliberate to be prepared someday within the second half of 2026.
The banks stated the digital euro token will permit for low-cost cash transfers throughout borders and at any time of day. The token will even help extra superior cost options, together with computerized transactions and digital settlement of belongings equivalent to shares or cryptocurrencies.
The group behind the undertaking has acknowledged that it welcomes further banks to affix sooner or later. They famous that utilizing the identical method throughout all taking part banks will likely be vital for making certain the system works easily.
Floris Lugt, who leads digital asset work at ING and represents the undertaking publicly, stated:
Digital funds are key for brand new euro-denominated funds and monetary market infrastructure.
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