BRUSSELS, Belgium—Central bank digital currencies (CBDCs) may require a network of international deals to stop state-backed money from infringing on other countries’ sovereignty, according to European Union Commissioner Paolo Gentiloni.
The group of 27 nations is considering a digital version of the euro, but needs to resolve issues such as how a digital euro will work for cross-border payments, CoinDesk reported.
“How do you avoid the risk of infringing the sovereignty of other jurisdictions through a digital currency … while developing a digital currency with global ambition, as the digital euro will be?” said Gentiloni, who is responsible for economic policy at the European Commission, the EU's executive arm. Gentiloni was speaking at a conference on the digital euro organized by the Commission and the European Central Bank, CoinDesk said.
“This, of course, brings the possibility of specific agreements with other jurisdictions regulating this kind of dimension,” he added.
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