The European Commission launched its consultation on the digital euro. In a statement about the consultation, Tobias Tenner, Head of Digitalisation, emphasises the importance of a commercial bank money token.
“It would be a mistake to think of the ECB’s digital euro as merely being legal tender for consumers. The whole ecosystem of the digital euro is important because the central bank’s proposal alone will not secure Europe’s digital and monetary sovereignty. The economy needs to be involved as well. Commercial bank money tokens in particular – as a kind of digital euro – are especially important for corporate customers. A functioning bank money token is the basis for Industry 4.0. Without it, processes cannot be highly automated and the European economy will not be competitive.”