The digital dollar can be out of the table for the moment, following a recent decree.
However, the European Central Bank (ECB) hopes that the new Pro-Crypto-Monnaie attitude of America can help cause the digital euro, Reuters reported Thursday (February 6).
As this report noted, the ECB floated the idea of a digital currency – essentially a digital portfolio supported by the Central Bank – to give Europe an electronic payment method which does not depend on American companies like Paypal Or Visa.
Piero Cipollone, member of the BCE board of directors, told Reuters that the support of President Donald Trump to the Stablés available worldwide, adds another payment tool manufactured by the United States to this list, giving More emergency to the digital efforts of the Euro.
The European Commission proposed legislation for a digital in 2023, but, as the report underlines, it did not go nowhere in the middle of the skepticism of bankers and legislators.
“The political world is more and more attentive to this,” said Cipollone. “And it is possible that we will see an acceleration in the process.”
He added that he hoped that the Parliament and the EU council would finish work on the digital legislation of the euro before the summer, opening the door to negotiations with the Commission. This would finalize new rules by November, when the central bank should vote on the opportunity to launch a digital euro.
“The political processes are complex and there are a lot on the table,” said Cipollone. “Obviously, the earliest will be best, but we fully understand their needs.”
He told Reuters that the spread of American stables as a means of payment was “disturbing”, arguing that if Europeans “begin to use stablecoins to pay, since most of them are based on states- United and the dollar, they will transfer their European deposits to the United States. »»
While dozens of countries around the world are developing digital currencies from the Central Bank (CBDC), the United States is not among them.
Shortly after taking office last month, Trump signed an executive decree prohibiting the creation of a CBDC in the United States
As Pymnts wrote at the time, “the justification of the administration for this prohibition seems to focus on concerns about confidentiality, surveillance and potential displacement of the private sector in payments innovation.”
