European Central Bank Pushing for Digital Euro To Counter Trump’s Support for Stablecoins: Report

The European Union’s central financial institution is reportedly pushing for a digital euro to counter US President Donald Trump’s embrace of dollar-pegged personal sector stablecoins.

European Central Financial institution (ECB) board member Piero Cipollone stated at a convention on Friday that Trump’s new govt order on crypto may drive folks away from banks, Reuters reports.

“I assume the important thing phrase right here (in Trump’s govt order) is worldwide. This resolution, you all know, additional disintermediates banks as they lose charges, they lose shoppers… That’s why we want a digital euro.”

Earlier this week, President Donald Trump signed an govt order to guage the creation of a strategic nationwide Bitcoin (BTC) and crypto stockpile.

The order additionally requires the federal government to “promote the event and development of lawful and legit” dollar-pegged stablecoins created within the personal sector.

It additional mandates that federal companies halt any actions associated to the event of a government-backed digital model of the greenback, in any other case often known as a central financial institution digital foreign money (CBDC).

The administration’s new management on the U.S. Securities and Change Fee (SEC) additionally rescinded Employees Accounting Bulletin 121, a controversial rule that pressured banks to determine crypto property held on behalf of their prospects as liabilities on their steadiness sheets.

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