Good Stablecoin Rules in the EU Pave the Way for CBDCs and a Digital Euro

[Lenipiw]

In the EU, getting laws right on Libra could be the best way to speed up a digital euro from the European Central Bank.
While Facebook’s Libra project might have shaken the United States government the most, the aftershocks were felt all over the world. The European Union was no exception: The publication of the first Libra white paper in 2019 led to the acknowledgment that the EU was not prepared for what appeared to be the first global stablecoin that would have a direct effect on the European financial market, retail payments and its overall economy.
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[Delgado]

Of course, the emergence of private and commercial stablecoins of all sorts is forcing states to protect their markets and thereby enact laws and regulations to regulate their circulation. The countries of the European Union were not ready for the emergence of the Libra stablecoin and therefore their finance ministers immediately spoke out in favor of banning its circulation on their territory. However, no one will be able to simply ignore the new technologies. Therefore, now not only the European Union, but most states are considering the possibility of issuing their national digitized currencies.