A Digital Euro to Compete With Libra

Mayer Thomas ()
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Mayer Thomas: Flossbach von Storch Research Institute, Cologne, Germany

The Economists' Voice, 2019, vol. 16, issue 1, 7

Abstract: On 18 June 2019 a group of 28 companies led by Facebook published a White Paper proposing the creation of a new crypto currency named Libra. The initiative could give the digitalization of money a big boost. Digitalization would also give the euro a viable long term perspective, which it is unlikely to have in the credit money system. Credit money needs a state for its reinsurance that cannot be created for the euro area. Digital money, on the other hand, can exist without a state guarantee.

Keywords: crypto currencies; digital central bank money; euro; European monetary union; Libra (search for similar items in EconPapers)
Date: 2019
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DOI: 10.1515/ev-2019-0033

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