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Download and run bus simulator demo pc game in less than 2 minutes, absolutely free.The European Union (EU) has started preparations for the creation of its own cryptocurrency, according to a draft report in July 2018.
The EU has a long history of applying innovations such as blockchain, artificial intelligence and virtual reality to improve the services that citizens receive.
In order to create its digital currency, the European Commission, an executive agency of the EU, has said that it needs to work with 28 member states, 3 EU organizations and more than 20 international organizations.
The European Commission estimates that creating a new virtual currency will cost more than three hundred million euros.
The development of a cryptocurrency is very similar to the creation of a single currency for the EU. According to the 2011 Lisbon treaty, the eurozone (Zurich) needs to be converted into a single currency.
The report also contains a detailed explanation on what the new cryptocurrency can be used for. The document says that the coins can be used as a proxy for payments and be used as collateral, similar to the Federal Reserve, which serves as a lender to the US dollar.
As the EU struggles to create its own cryptocurrency, it is also looking into establishing its own central bank. In March 2018, the European Commission released an outline for an EU-wide digital currency.
Lawmaker: “It’s time to stop inventing legends about Bitcoin”
The proposed digital currency will most likely be inspired by Bitcoin, the world’s first cryptocurrency. Despite its advantages, Bitcoin has seen its value plummet in recent years, leading some people to call for a central bank to regulate it.
Eurosceptic lawmaker Manfred Weber, an ally to the EU, has said that the EU should stop creating its own cryptocurrencies.
“I think it’s time to stop inventing legends about Bitcoin, and instead focus on actual digital issues that need to be solved today,” Weber said in a statement. “Virtual currencies do not solve any real problems that need fixing, they are purely speculative.”
Other EU lawmakers have welcomed the proposal for an EU-wide digital currency. EU commissioner for digital economy and society Mariya Gabriel, who is backed by the European People’s Party, has said that the proposal to
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