A digital euro could solve President Donald Trump’s anti-central bank digital currency (CBDC) agenda, a leader at the European Central Bank (ECB) has said.
European Central Bank Executive Director Piero Cipollone said at a conference that Europe “needs” a digital euro to counter Trump’s stablecoin plans. according to From Friday’s report Reuters.
The ECB press office confirmed the following comments: decryption, And the bank said it was “experimenting with a variety of technologies, including centralization and decentralization, in the development of the digital euro.”
President Donald Trump on Thursday signed His first cryptocurrency executive order formally established the President’s Working Group on Digital Asset Markets.
As part of the order, the president said he would protect dollar sovereignty by promoting “the development and growth of legal and legitimate dollar-backed stablecoins around the world.”
His Thursday executive order also prohibited “the establishment, issuance, distribution, and use of CBDCs within the jurisdiction of the United States.”
stablecoin A digital token issued by a company, collateralized by assets such as government bonds, dollars, and gold. It is commonly used by cryptocurrency traders to enter and exit trades without using traditional banking systems.
The regulatory body paying close attention Some lawmakers have issued warnings about this part of cryptocurrency.
Cipollone was quoted as saying that Trump’s mandate on stablecoins could hurt banks as their customers turn to stablecoins. “This is why we need a digital euro,” he said.
The European Central Bank working About central bank digital currencies for years. ECB President Christine Lagarde said By 2020, such assets could complement traditional cash and “offer an alternative to private digital currencies,” it said.
CBDC is a digital currency controlled by a central bank. It is different from virtual assets. Bitcoin and EthereumIt is decentralized. However, the cryptocurrency community has long raised concerns that CBDCs would give authorities too much control over citizens’ spending.
And during the campaign, Trump promise To help the cryptocurrency community by never allowing CBDCs to be distributed in the United States; calling Technology is a “dangerous threat to freedom.”
editor: Andrew Hayward
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