European Union finance ministers will seek to reach a common position on Friday on how to set up a digital euro currency that could become an alternative to the now dominant U.S.-based Visa and Mastercard systems, APA reports, citing Reuters.
Discussions on creating a digital equivalent of the euro currency, now used in 20 European countries, have been going on for six years, but the debate heated up this year because the EU is now keen to reduce its dependence on other countries in key areas like energy, finance and defence.
"We need to go ahead with our own digital payment system to reduce dependency on other providers," Spanish Finance Minister Carlos Cuerpo told reporters on entering the ministers' talks in Copenhagen.
"I think that's a key area of progress where we need to advance and make progress quickly. And this is part of the urgency that we've seen in ministries, in the political environment, and this is driving also the agenda," he said.
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