European Union on Board With the e-Euro Idea, Drafts New Bill

In its efforts to consolidate cryptocurrency regulation on a union-wide basis, the European Union is urging its member states to consider creating a local digital currency for better controlling the blockchain industry.

As Reuters reported, the draft was introduced on November 5th as just a small consideration for the parties involved, and will most likely be subject to numerous changes as time passes by.

However, the undertone towards preventing the adoption of Libra can easily be noticed. Many lawmakers that pushed the idea of an e-Euro mentioned that adopting the Union-wide digital currency would make Libra redundant, thus preventing any additional regulatory overhead on drafting new laws and making amendments to current legislation to accommodate Facebook’s project.

Several central banks have already supported the idea of a digital Euro, citing the issues it would most likely prevent such as transaction speeds and costs across the whole world. It’s not necessarily known whether the EU will agree on issuing this digital currency and how they will start distributing it afterward. What is known is that the adoption of cryptocurrencies could be largely affected by this decision, and by effect, we mean boosting the rate of adoption.