Piero Cipollone, in an interview with Reuters, expressed concern that the US government’s initiative to integrate dollar stablecoins into the international economic system could distract residents of EU countries from the products and services of European banks.
Cipollone noted that Trump has openly admitted that he will “promote the development and growth of legitimate dollar-backed stablecoins around the world.” The ECB’s launch of its own digital currency, the digital euro, could be a response to the threat of expansion of American cryptocurrency instruments.
The board member of the Eurozone Central Bank added that the regulator is now checking how the digital euro will work in practice, and will later make a final decision on the launch – after European legislators approve the relevant regulations.
Earlier, the head of the ECB’s department for the development of the digital euro, Evelien Witlox, called for accelerating the implementation of this stablecoin so as not to be left behind by China and the UK.
Source: Bits
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