Comments on Digital currencies

15 April 2020

Digital currency is a hugely important topic for the German Banking Industry Committee (GBIC) for a number of reasons. Firstly, a rapidly growing number of companies are looking at the integration of distributed ledger technology (DLT) into their production and business processes. With this comes a growing demand for payment solutions based on smart contracts that banks will need to address on behalf of their customers. Then there are private initiatives, such as the Libra project’s stablecoins, where the GBIC wants to ensure a level regulatory playing field. And, finally, policymakers and the Eurosystem are considering the evaluation and possible introduction of a central bank digital currency. These initiatives and ideas should only be pursued if they will bring significant added value for the broad public and if the stability of the financial system and its ability to provide efficient funding can be guaranteed.

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