Close Menu
ApeWatcher News
  • Home
  • Advertise
  • Headlines
  • Crypto
    • News
    • Bitcoin
    • Ethereum
    • Altcoin
    • View All
  • DeFi
  • NFT
  • Metaverse
  • Guides
  • Rates
  • Videos
  • Listing Platform
  • BSC
  • ETH
  • Listing Platform
  • BSC
  • ETH
What's Hot

Storytelling 3.0: When AI, Blockchain and IP Collide

May 22, 2025

Strategy Fires up $2.1B New Stock Offering to Accelerate Relentless Bitcoin Buying

May 22, 2025

What is Haedal Protocol (HAEDAL)? A Guide to Sui Liquid Staking

May 22, 2025
X (Twitter) Telegram
  • Listing Platform
  • Home
  • BSC
  • ETH
Advertise
X (Twitter) Telegram
ApeWatcher News
  • Headlines
  • Crypto
    1. News
    2. Bitcoin
    3. Ethereum
    4. Altcoin
    5. View All

    Storytelling 3.0: When AI, Blockchain and IP Collide

    May 22, 2025

    Strategy Fires up $2.1B New Stock Offering to Accelerate Relentless Bitcoin Buying

    May 22, 2025

    XRP futures OI rises 25% as price chart ‘bull flag’ targets $14

    May 22, 2025

    Semiconductor exemptions don’t matter when it comes to tariffs

    May 22, 2025

    Binance scores legal win as UK court partially dismisses Bitcoin SV lawsuit

    May 22, 2025

    Bitcoin tops Amazon market cap on ‘Pizza Day’ as price sets new highs

    May 22, 2025

    Crypto awareness in Singapore hits record 94%, but ownership falls

    May 22, 2025

    Bitcoin ‘looks exhausted’ as next bear market yields $69K target

    May 22, 2025

    Whale buys back ETH holdings after missing $2.6M gain

    May 22, 2025

    Ethereum holders back in profit as ETH price enters ‘crucial area’ for $3K breakout

    May 21, 2025

    Arthur Hayes Gives Portfolio Update, Says ‘Nasty Correction’ Could Be Approaching This Year for Crypto

    May 21, 2025

    Ethereum price gained 90% the last time this indicator turned bullish

    May 20, 2025

    XRP futures OI rises 25% as price chart ‘bull flag’ targets $14

    May 22, 2025

    Which 4 memecoins will outperform Bitcoin this crypto bull cycle?

    May 22, 2025

    ‘You don’t own enough crypto, NFTs’

    May 22, 2025

    UK court partially dismisses Bitcoin SV investor’s lawsuit against Binance

    May 22, 2025

    Storytelling 3.0: When AI, Blockchain and IP Collide

    May 22, 2025

    Strategy Fires up $2.1B New Stock Offering to Accelerate Relentless Bitcoin Buying

    May 22, 2025

    What is Haedal Protocol (HAEDAL)? A Guide to Sui Liquid Staking

    May 22, 2025

    XRP futures OI rises 25% as price chart ‘bull flag’ targets $14

    May 22, 2025
  • DeFi
  • NFT
  • Metaverse
  • Guides
  • Videos

    BlackRock & Chainlink: Predicting the Future of Digital Assets!

    May 22, 2025

    Bitcoin Hits New ALL TIME HIGH: Here's WHY (Japan Economy Imploding)

    May 22, 2025

    HURRY: Bitcoin's Move From $110K To $125K Will Be QUICK!!!

    May 21, 2025

    Bitcoin NEW All-Time High! Price Prediction & Bear Trap Alert!

    May 21, 2025

    The Next BIG Crypto Memecoin Just Discovered → Like Finding Dogecoin, Pepe, & Brett EARLY!?

    May 21, 2025
ApeWatcher News
Home » ECB exec renews push for digital euro to counter US stablecoin growth
ECB exec renews push for digital euro to counter US stablecoin growth
Altcoin

ECB exec renews push for digital euro to counter US stablecoin growth

Coin TelegraphBy Coin TelegraphApril 9, 20250 ViewsNo Comments
Share
Facebook Twitter LinkedIn Pinterest Email

The European Central Bank is intensifying its warnings over stablecoin adoption, with one of its top officials calling for a digital euro to curb the influence of US dollar-pegged stablecoins across the continent.

ECB executive board member Piero Cipollone has penned another article highlighting concerns over the growing popularity of US dollar stablecoins, arguing that launching a central bank digital currency (CBDC) could help preserve the eurozone’s monetary sovereignty.

A potential digital euro “would limit the potential for foreign currency stablecoins to become a common medium of exchange within the euro area,” Cipollone wrote in a statement published April 8 on the ECB’s official website.

The remarks follow a string of similar public statements from Cipollone, who has been a vocal advocate for a digital euro as a strategic response to the dominance of dollar-backed stablecoins in Europe.

A “public-private partnership to retain sovereignty”

In the latest piece, Cipollone reiterated that excessive reliance on foreign providers — including stablecoins as well as international card schemes — compromises the monetary sovereignty of Europe.

“It also underscores the urgent need for a digital euro. Failing to act would not only expose us to significant risks but also deprive us of a great opportunity,” the central banker said.

ECB’s executive board member Piero Cipollone. Source: Bloomberg

Cipollone also cited concerns about the United States’ increasingly crypto-friendly stance under the current administration, including efforts to promote dollar-based stablecoins globally.

Related: Lawmaker alleges Trump wants to replace US dollar with his stablecoin

“They could potentially result not just in further losses of fees and data, but also in euro deposits being moved to the US and in a further strengthening of the role of the dollar in cross-border payments,” he said, adding:

“Faced with these challenges, we need a public-private partnership to retain our sovereignty. The digital euro — as a sovereign European means of payment based on EU legislation —  would be the cornerstone of this partnership.”

ECB wants to promote cash but can’t do it online

Cipollone also highlighted the “vital role of cash” in ensuring financial inclusion and resilience, stating that cash remains a “cornerstone of the European financial system” and is its only sovereign means of payment.

However, a growing preference for digital payments has limited the use of cash amid the rapid growth of online shopping, which now accounts for one-third of European retail transactions, he said.

“Cash cannot be used online, and it is often not possible to pay using a European payment service, meaning we need to rely on non-European payment systems,” Cipollone added.

“The time to act is now,” he said. “Making progress on both the digital euro regulation and the regulation on the legal tender status of cash has become urgent if we are to increase our resilience to possible disruptions and reverse our ever-increasing dependence on foreign companies.”

Despite the ECB’s ongoing efforts, the proposed digital euro has faced criticism and skepticism among European consumers, especially around data privacy concerns.

An ECB working paper on the digital euro published in March showed that European consumers are not interested in adopting a digital euro, with many seeing little value in the potential CBDC.

Magazine: Stablecoin for cyber-scammers launches, Sony L2 drama: Asia Express

Read the full article here

Follow us on Google News to get the latest Updates

 
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

XRP futures OI rises 25% as price chart ‘bull flag’ targets $14

May 22, 2025

Which 4 memecoins will outperform Bitcoin this crypto bull cycle?

May 22, 2025

‘You don’t own enough crypto, NFTs’

May 22, 2025

UK court partially dismisses Bitcoin SV investor’s lawsuit against Binance

May 22, 2025

Can ChatGPT Trade Crypto for You? Here’s What You Need to Know

May 22, 2025

Crypto Trader Books 346x Profit on Solana-Based Altcoin That’s Exploded 71,164% in a Month: Lookonchain

May 22, 2025
Add A Comment
Leave A Reply Cancel Reply

Top Articles

Storytelling 3.0: When AI, Blockchain and IP Collide

May 22, 2025

Strategy Fires up $2.1B New Stock Offering to Accelerate Relentless Bitcoin Buying

May 22, 2025

What is Haedal Protocol (HAEDAL)? A Guide to Sui Liquid Staking

May 22, 2025
ApeWatcher News
X (Twitter) Telegram
  • Privacy Policy
  • Sources
  • Terms and Conditions
  • Contact
  • Advertise
© 2025 Ape Watcher News

Type above and press Enter to search. Press Esc to cancel.