France took the initiative to create cryptocurrency of the European Union

The European Union may receive "its own state digital currency" if the initiative of the Minister of Finance of France Bruno Le Mer is supported. About the proposal voiced by him at a meeting of the EU Economy and Finance Ministers in Helsinki, TASS writes.

According to Le Mayor, EU member states need to explore opportunities for “lowering the cost and increasing the speed of international transactions” both in the bloc and beyond.

“Therefore, I submitted [for discussion of the Eurogroup] a proposal to create a state digital currency, it will also be considered at the next IMF meeting in October in Washington ,” the minister said.

At the same time, he emphasized that certain proposals for launching digital currencies already exist. As an example, he pointed to the Facebook cryptocurrency initiative Libra , the development of which in the European territory, France promises to block for reasons of consumer protection, the financial system and state sovereignty.

On Thursday, Le Mayor also revealed details of the prospects for taxing cryptocurrency trading in France. According to him, income from this activity will be taxed only at the stage of withdrawal to the “traditional” currency, while transactions between digital assets will be exempted from the fiscal burden.

Whether the possibility of using blockchain or some other technology in the potential digital currency of the EU is being considered is not specified in the publication.

Among other things, Le Mayor called for the formation of a “single legal framework” for regulating cryptocurrencies throughout the European Union, Reuters reports .

Publication date 09/14/2019
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