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European officials are increasingly concerned that the support of the United States government to digital assetsparticularly the stablecoins linked to the dollar, could weakens the role of the euro and interrupting financial stability In the region.
Pierre Gramegna, managing director of the European Stability Mechanism (ESM), highlighted these concerns during a Eurogroup press conference on March 10. He pointed out that the position of the United States government on cryptocurrencies, especially the stablecoins backed by dollar, raises challenges for Europe.
Warned that this change could encourage main corporations to launch payment solutions Based on these digital assets, which could threaten the control of the eurozone about its own financial system.
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Irish finance minister, Pascchal Donohoe, also noted that changes in policies in other countries may have serious effects in Europe. Linked the discussion with the financial security of Europe, stating that the The euro must remain strong in front of the new global developments.
He believes that introducing a digital euro is essential to maintain control over Europe’s financial system and ensure that it is not eclipsed by external influences.
To counteract these risks, European officials emphasize the importance of developing a digital euro. Gramagna emphasized that Launching this Central Bank digital currency (CBDC) is more urgent than ever to protect the financial independence of Europe.
The ESM, an organization created by the Member States of the Euro Area to support economic stability, supports the efforts of the European Central Bank (ECB) to accelerate the euro digital project.
Meanwhile, the ECB recently announced plans to modernize its payment infrastructure using blockchain technology. How would this achieve? Read the full story.
Having completed a master’s degree in economics, politics and cultures of the Oriental Asia region, Aaron has written scientific documents that analyze the differences between Western and collective capitalism forms in the era after World War II.
With about a decade of experience in the Fintech industry, Aaron understands all the most important problems and struggles facing cryptography enthusiasts. He is a passionate analyst who is concerned about data -based content and based on facts, as well as the one who speaks for both web3 natives and for the newcomers of the industry.
Aaron is the reference person for everything and anything related to digital currencies. With a great passion for blockchain & web3 education, Aaron strives to transform the space as we know it and make it more accessible to complete beginners.
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