Circle Submits Response to the European Commission's Targeted Consultation on a Digital Euro

Circle Internet Financial has been a proponent of regulatory frameworks for digital currencies and recently responded to the European Commission's inquiry about a central bank digital currency (CBDC) in Europe, known as the "digital euro." Circle argues that private-sector innovations, such as blockchain-based payment systems and euro-denominated stablecoins, already offer many benefits that a digital euro might provide, without the high costs and potential disruptions to monetary policy that a digital euro could entail. The company emphasizes the need for regulatory clarity to support the euro's internationalization and suggests that a digital euro might not significantly enhance financial inclusion, as it could replicate existing banking challenges. Circle also highlights concerns about the costs of implementing a digital euro and the potential privacy implications, stressing the importance of maintaining trust in financial products while safeguarding individual privacy.

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