EU planning to launch its own digital currency

• The European Union is developing its cryptocurrency that could rival Facebook’s upcoming Libra.
• China is also planning to launch a state-backed digital currency.

The European Union (EU) is considering to launch its own digital currency as opposed to Facebook’s Libra cryptocurrency. Draft documents from the European Central Bank has urged the EU to come up with a consistent approach to all the cryptocurrencies. This includes decentralized currencies such as Bitcoin and state-backed efforts currently underway in China. 

So far, the bloc has not been able to implement any noteworthy regulation concerning cryptocurrencies, but multiple European countries have come up with their own rules. 

The document, which was seen by Reuters, said:

The ECB and other EU central banks could usefully explore the opportunities as well as challenges of issuing central bank digital currencies, including by considering concrete steps to this effect.

The draft is expected…