As a researcher with a keen interest in digital currencies and European politics, I find myself intrigued by the departure of Stefan Berger from his role in the European Parliament’s digital euro discussions. Having followed his career closely, I can attest to his significant contributions to the MiCA legislation, which has brought clarity to the EU’s crypto landscape.
Stefan Berger, a significant player in the digital euro debates within the European Parliament, has chosen to step back, allowing for unhindered advancement and avoiding potential disputes.
A key figure overseeing the digital euro’s development in Parliament, who later emerged as a vocal critic, has resigned amid allegations that he intentionally stalled the project, according to information obtained by POLITICO.
Berger, a long-standing German politician representing the center-right European People’s Party, informed POLITICO that it was time for a newcomer to take over, as he is not from Germany and is not suspected of wanting to postpone negotiations. Markus Ferber, responsible for economic matters within the EPP, will select Berger’s successor within a week, according to the report.
The digital euro, planned as a virtual version of euro coins and notes, aims to improve payments in the eurozone and reduce dependence on foreign companies like Visa and Mastercard. But it has faced pushback, especially from German banks and citizens worried about its design and financial risks. Berger also raised concerns that it could lead to sudden withdrawals, hurting smaller banks.
Despite Berger’s role in establishing MiCA, which sets the EU as the initial significant region with a defined cryptocurrency framework, he has encountered hurdles in securing equivalent backing for the digital euro. While MiCA offers clarity on regulations for crypto businesses across the EU, the digital euro has raised issues regarding privacy and its underlying technical aspects.
Initially, Berger suggested an incremental strategy, beginning with large-scale trades for the digital euro. Yet, detractors argued that he failed to meet deadlines and hindered advancement, prompting competing legislators to advocate for his dismissal earlier this year.
The European Central Bank is exploring the practicality of introducing a digital euro and anticipates launching a trial program sometime in the future. In a recent update, the authority suggested that they may exclude offline transactions for the digital euro if they can’t find common ground with phone manufacturers regarding secure chip integration in mobile devices.
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2024-12-13 11:02