Why introduce a new means of payment – the digital euro?



Illustrative photo.

Illustrative photo.

Photo: Evija Trifanova / LETA

“We are seeing people in the European Union gradually giving up the use of cash. This trend is evident, for example, in Sweden, Finland and the Netherlands. In other countries, too, during the pandemic, people are increasingly using digital payments, ”explaining Žaneta Vegnere, Deputy Chief of Staff of Valdis Dombrovskis, explaining the introduction of digital money in the TV24 program“ Money Price ”.


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The expert explains that the economy itself is becoming more and more digital and points out that, compared to 2015, the number of online purchases has doubled, which means that people are switching and becoming consumers of the digital economy.

She points to another important argument used by both politicians and professionals in favor of the introduction of the digital euro:

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“It is essentially about the monetary sovereignty of the European Union. Today, most central banks in the world are considering introducing digital money. The farthest is China, which could test this money at the beginning of next year. If we look at other countries – England, America or Nigeria, then these stages of research into the introduction of digital money are massive. So the question here is: if other countries, such as the United States, introduce the digital dollar, and there is no digital euro in Europe yet, what will happen to the use of money? Maybe people in Europe will choose to use the yuan or the dollar? It is also a question of monetary independence. “

On the other hand, the expert mentions a social networking platform for what made the European Central Bank and European finance ministers think more actively about the introduction of digital money:

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“I think a real wake-up call was made in Europe in 2019, when Facebook announced the creation of the libra, a stable crypt asset that raised the question of the systemic impact of large, private, technology companies on the financial system, such as the crypt asset, available to billions of people at once. “

Watch the whole show here!

The Money Price project is financed by the Media Support Fund from the Latvian state budget. JSC “TV Latvija” is responsible for the content of the program “Money Price”.

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