EU Senior Official: "US Dollar-Based Stablecoins Are Favorable... Europe Should Also Expedite CBDC Implementation"
Summary
- Pierre Gramegna, Managing Director of the European Stability Mechanism, emphasized the need for rapid implementation of the digital euro.
- He particularly noted that if the US dollar-based stablecoin policy succeeds, it could significantly impact the European Union's monetary sovereignty and financial stability.
- Paschal Donohoe, Ireland's Finance Minister, stated that the European Central Bank's CBDC discussion is an essential task that can no longer be postponed.
A senior official from the European Stability Mechanism (ESM) emphasized the necessity of Central Bank Digital Currency (CBDC) in Europe. The ESM is an organization established by euro-using countries to respond to financial crises and maintain economic stability.
According to Cointelegraph on the 10th (local time), Pierre Gramegna, Managing Director of ESM, stated that "the Trump administration's acceptance of virtual assets (cryptocurrencies) could affect Europe's monetary sovereignty," and emphasized that digital euro should be expedited to protect Europe's autonomy.
He particularly noted the US stablecoin policy. Managing Director Gramegna said, "The US administration is particularly favorable to dollar-based stablecoins," and "There is a possibility that US and foreign big tech companies could build large-scale payment solutions using dollar-based stablecoins." He added, "If this succeeds, the European Union's monetary sovereignty and financial stability will be significantly affected."
Paschal Donohoe, Ireland's Finance Minister, also stated that "the European Central Bank's (ECB) discussion on CBDC is an essential task that can no longer be postponed," and "policy directions in other regions could have a significant impact on Europe."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
