A digital euro could remedy President Donald Trump’s anti-central bank digital currency—or CBDC—agenda, a leader of the European Central Bank has said.
Piero Cipollone is the executive director of European Central Bank. He told a recent conference that Europe “needs” To counter Trump’s plans to introduce stablecoins we need a digital Euro. If you want to know more about this, please click here. This is a report for Friday from Reuters.
The ECB’s press office has confirmed these comments. Decrypt, It was said that the bank had been “experimenting with different technologies—both centralized and decentralized—in the development of a digital euro.”
Donald Trump will be in Washington on Thursday The Significance of the Word “Significance” In his first crypto-related executive order, President Obama established a Presidential Working Group to oversee the digital asset markets.
The president stated in the order that the promotion of the euro would help to maintain the currency’s sovereignty. “development and growth of lawful and legitimate dollar-backed stablecoins worldwide.”
The Thursday Executive Order also prohibits “the establishment, issuance, circulation, and use of a CBDC within the jurisdiction of the United States.”
Stablecoins Digital tokens are issued by businesses and backed with assets like dollars or gold. Crypto traders use them to make and withdraw money without using the banking system.
Regulators are now in charge Paying close attention Some lawmakers have warned about the area.
Cipollone said that Trump’s stablecoin order could harm banks if customers switch to them. “That’s why we need a digital euro,” He said.
Europe’s central Bank was established Working For years, central banks have been working on digital currencies. ECB president Christine Lagarde You can also read about the importance of this in our article In 2020, this asset will be able to complement the traditional cash. “provide an alternative to private digital currencies.”
CBDCs, or digital currencies are controlled by central banks. The virtual currencies are distinct from other assets. Bitcoin You can also find out more about the following: EthereumThe decentralized nature of these is a major advantage. Crypto community is concerned that CBDCs would allow authorities to have too much control on citizens’ expenditure.
During his election campaign, Trump promised To help the crypto-community, never allow a CBDC in the United States. You can call us at (866) The technology is a “dangerous threat to freedom.”
Edited By Andrew Hayward