EU asks ECB to think about issuing national cryptocurrency

The European Central Bank (ECB) should consider issuing its own virtual currency, as well as consider methods applicable to cryptocurrencies.

“The ECB and other central banks of the European Union could effectively study the possibilities and problems associated with the issuance of virtual currencies by the Central Bank, including consideration of specific steps to this effect”.

The draft document also states the need to develop a common methodology for cryptocurrencies, including the possible prohibition of projects that may pose a high degree of risk. The project was prepared by Finland’s EU Presidency, and may be amended.

The text of the draft document is expected to be discussed by EU finance ministers on Friday, and the document may be adopted at the next meeting, which is scheduled for December 5.

Regulators in many countries are paying close attention to digital currencies against the background of Facebook’s social network plans to launch their own cryptocurrency – Libra, which the company announced in June. The global launch is expected to take place in the first quarter of 2020. However, the project is facing criticism from global regulators.

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In October, during a speech in the US Congress, the head of the company, Mark Zuckerberg, said that Facebook could withdraw from the Libra consortium if regulators do not approve the project.

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