According to the publication, the European Union authorities decided to speed up the work on digital euros after the Genius Stable Coins Law was adopted in the United States. He strengthened the fear of European officials that the dominance of dollar tokens could undermine the competitiveness of the European currency.
The use of etherium or Solana can contribute to the global use of digital euros. However, this is concerned with regulators due to risks for transaction confidentiality, sources noted.
“EU officials began to rethink plans for digital euros. The rapid adoption of American law scared many, and they believe that they need to act faster, ”the Financial Times emphasized.
The European Central Bank (ECB) has been working on the introduction of digital euros for several years, which will be available to citizens of the entire eurozone. This will make payments more convenient against the backdrop of a decrease in the use of cash, and support the international positions of the euro, analysts say.
Earlier, ECB adviser Jürgen Schaaf said that the growth of the popularity of dollar stabilcoins in the European Union markets threatens the monetary sovereignty of the continent.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
