Is the Libra blockchain an ERC20 token
Transactions of crypto assets have many advantages, especially in cross-border trading. They can be carried out more cheaply and quickly than euro transfers. However, crypto assets are subject to high volatility and manipulated prices. They are therefore only suitable to a limited extent for business payments. We want to transfer the advantages of blockchain technology from the shadow economy to legal and reputable business models. We advocate uniform regulation in the EU. The central banks should issue crypto tokens via commercial banks, which they handle like sight deposits (so-called stable coins).
To buy tokens, investors nowadays have to use existing crypto tokens such as Bitcoin and Ether, as there is often no direct option to invest with fiat currencies. In practice, an investor buys crypto assets immediately before the token investment and uses them to pay for the tokens that he acquires. The introduction of a digital or electronic euro (e-euro) would thus create a serious interface between fiat currencies and the token economy.
This digital euro has no influence on monetary policy. In particular, no new money is created, but a small part of the existing money supply is digitized and made accessible to a global infrastructure. The importance of the euro as a global means of payment is to be strengthened through digital accessibility in competition with other currencies. The e-euro should be a token compatible with most wallets (e.g. via the standard ERC-20).
The central banks or the commercial banks commissioned by them should always exercise control over the token smart contract (this is simply the book in which the e-euro is kept and in which the transaction rules etc. are programmed).
From the point of view of the Union parliamentary group, it is important that state actors develop their own know-how. The sovereignty of the central banks over the e-euro can also help with legal enforcement. In the case of criminal activities, for example, the e-euros can be frozen and, if necessary, canceled or confiscated. The e-euro could be used in cross-border traffic for a simple, inexpensive and fast payment.
The CDU member of the Bundestag and digital entrepreneur Thomas Heilmann explains why electronic money from the central bank would be better than the Facebook currency Libra. The Union parliamentary group has now spoken out in favor of such an e-euro, as described in a position paper by Heilmann and other digital politicians.
More on this in Wirtschaftswoche: Read the article here.
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