WASHINGTON—The Institute of International Finance is urging European Union officials exploring the creation of a digital euro to proceed slowly and carefully.
“The first question the group wants answered is whether a digital euro is even necessary,” Pymnts.com said.
The Institute of International Finance members want “a clear qualitative and quantitative impact assessment of the range of possible designs of a digital euro,” especially consideration of “various risks … to financial stability,” Jessica Renier, managing director for digital finance for the IIF, said in a report to CoinDesk.
The IIF has 450 members, including major commercial and investment banks, payments networks, accountancy groups, crypto exchanges, and the International Monetary Fund.
Renier noted a recent U.S. Federal Reserve white paper focused on “whether” a central bank digital currency (CBDC) is advisable, while the EU seems more concerned with “how” a CBDC would work.
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