Blockchain firm Monerium thinks Europe 'already has' a digital euro

Blockchain firm Monerium thinks Europe 'already has' a digital euro

Consensys-backed e-money issuer Monerium thinks the route to a digital euro is simpler than the European Central Bank suggests.

The fintech, which focuses on bridging fiat money with blockchains by issuing programmable digital cash, published a response to the ECB’s recent public consultation on the digital euro on Oct. 13.

In summer 2019, Monerium had become the first company worldwide to receive a license from Icelandic regulators as part of a new European regulatory framework for e-money services across the European Economic Area. It provided fiat payment services using the Ethereum blockchain, and later partnered with blockchain protocol Algorand.

In its response to the ECB, Monerium argues that all Europe needs to do is to recognize it already has “a proven form of digital euro.” 

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In 2000, the European Commission had described e-money as a “digital alternative to cash,” issuing a directive which defined it as “technically neutral,” an “electronic surrogate for coins and banknotes.” In light of this

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