Reported about 12 hours ago
European Central Bank board member Piero Cipollone has stated that Eurozone banks require a digital euro to compete with U.S. President Donald Trump’s initiative to promote dollar-backed stablecoins. Cipollone emphasized that this need arises from the potential loss of customers and fees as stablecoins become more popular. He explained that a digital euro would function as an ECB-backed online wallet, enabling people to make transactions even without bank accounts. The ECB is currently exploring how a digital euro would be implemented and is awaiting legislative approval from European lawmakers before moving forward.
Source: YAHOO