France Suggests Creating EU’s Own Cryptocurrency

In order to counter climate change, it is necessary to take radical measures, said German Minister of Finance Olaf Scholz during an informal meeting of the Eurogroup in Helsinki. At the event, ministers of economy and finance of the euro area discussed introduction of new taxes that would stimulate the transition to low-carbon energy.

Olaf Scholz, Minister of Finance of Germany, said: “We have an effective European scheme for trading greenhouse gas emissions quotas, but it concerns large industrial enterprises. However, we have already begun the process of finding ways to reduce carbon dioxide emissions in regard to transport, heating, utilization waste, agriculture and small business.”

Europe has ambitious goals. At the beginning of this year, the European Commission introduced the concept of the transition of the European Union to an economy with zero carbon emissions by 2050.

French Finance Minister Bruno Le Maire voiced the Paris initiative in Helsinki: to create its own digital currency in the EU. The issue is also expected to be addressed at the next IMF meeting in October.

Bruno Le Maire, Minister of Finance of France: « In the current environment, we must not support the so-called cryptocurrency Libra in the European Union. What is behind this? It is about consumer safety, the stability of European finances, as well as the sovereignty of EU countries. »

According to Le Maire, it is necessary to find the best ways to reduce the cost and increase the speed of international transactions, both within the EU and beyond. Meanwhile, the European Commission is developing new methods for monitoring and controlling cryptocurrencies, the introduction of which provides new opportunities, but carries certain risks.


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