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 mentioned at a convention on Friday that Trump’s new govt order on crypto may drive folks away from banks, Reuters reviews.
“I assume the important thing phrase right here (in Trump’s govt order) is worldwide. This answer, you all know, additional disintermediates banks as they lose charges, they lose shoppers… That’s why we’d like a digital euro.”
Earlier this week, President Donald Trump signed an govt order to guage 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 businesses halt any actions associated to the event of a government-backed digital model of the greenback, in any other case referred to as a central financial institution digital foreign money (CBDC).
The administration’s new management on the U.S. Securities and Trade Fee (SEC) additionally rescinded Workers Accounting Bulletin 121, a controversial rule that compelled banks to determine crypto property held on behalf of their clients as liabilities on their stability sheets.
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