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 non-public sector stablecoins.
European Central Financial institution (ECB) board member Piero Cipollone stated at a convention on Friday that Trump’s new government order on crypto may drive folks away from banks, Reuters reports.
“I suppose the important thing phrase right here (in Trump’s government order) is worldwide. This answer, you all know, additional disintermediates banks as they lose charges, they lose purchasers… That’s why we want a digital euro.”
Earlier this week, President Donald Trump signed an government order to judge the creation of a strategic nationwide Bitcoin (BTC) and crypto stockpile.
The order additionally requires the federal government to “promote the event and progress of lawful and legit” dollar-pegged stablecoins created within the non-public 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 generally known as a central financial institution digital foreign money (CBDC).
The administration’s new management on the U.S. Securities and Alternate Fee (SEC) additionally rescinded Workers Accounting Bulletin 121, a controversial rule that compelled banks to determine crypto property held on behalf of their clients as liabilities on their steadiness sheets.
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