French Finance Minister proposed creating an EU digital currency

French Finance Minister Bruno Le Maire (Bruno Le Maire) at a meeting of Ministers of economy and Finance of the European Union proposed to create a digital currency of the EU.

“EU member States should explore ways to reduce the cost of cross-border payments and simultaneously increase their speed both within the Union and outside it,” Le Maire says. ” In this regard, I propose to start developing our own national cryptocurrency of the EU. We will also discuss this issue at the next IMF meeting in October in Washington.”

The Minister stressed that Europe will not be an innovator in this regard, since similar developments are already underway. As an example, he pointed to the development of Facebook – Libra, the development of which France intends to block on European territory, because it fears problems related to the currency sovereignty of the authorities.

On Thursday, Le Maire provided details of the prospects for taxation of trading operations with cryptocurrencies. Thus, income from cryptocurrency trading will be taxed after converting profits into “traditional” currency, and transactions between digital assets will not be subject to taxation.

The publication does not provide information on whether blockchain or any other technology will be used in the development of the European Union’s digital currency.