Trump’s Support For Dollar-Pegged Crypto Will Fast-Track Digital Euro Approval: ECB
The European Central Bank (ECB) is hopeful that the recent support for dollar-pegged cryptocurrencies from U.S. President Donald Trump will speed up the legislative approval process for the digital euro.
What Happened: ECB board member Piero Cipollone conveyed optimism that Trump’s endorsement of globally accessible stablecoins tied to the dollar would spur the digital euro initiative, reported Reuters.
The ECB envisions its digital currency as a central bank-backed online wallet, offering an electronic payment alternative that operates independently of major U.S. providers like Visa Inc. (NYSE:V) and PayPal Holdings Inc. (NASDAQ:PYPL).
Despite the European Commission proposing legislation for the digital euro in June 2023, progress has been sluggish due to skepticism from certain lawmakers and bankers. Cipollone, however, anticipates an acceleration in the process as the political …
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