Olaf Scholz: we need to work hard on the digital euro

German Finance Minister Olaf Scholz said that the EU should intensify efforts towards the development of a digital version of the European currency, as interest in electronic payments from the public and commercial structures shows impressive growth.

“This is not an area where we could hesitate and watch from the outside,” he said, stressing that the authorities need to be ready at any time to make a decision on a new asset.

Earlier, a spokesman for the financial department said that digital instruments can be applied on a par with traditional finance only after regulations are created for them.