In response to Donald Trump's desire to promote the development of stablecoins backed by the dollar, Piero Cipollone, an official of the European Central Bank (ECB) defended the digital euro. However, the person concerned seems to be more worried about the fees that banks charge their customers than about the latter's interest. What did he say?
For the ECB, the digital euro will allow banks not to lose customers
Two rooms, two atmospheres. In the United States, we see that President Donald Trump wants to encourage innovation by giving the keys to stablecoin issuers to develop, while at the same time he is banning a possible central bank digital currency (MNBC) on American territory. . In Europe, on the other hand, the discourse is quite different.
While the MiCA regulation is a significant obstacle to the development of stablecoinsPiero Cipollone, member of the board of directors of the European Central Bank (ECB), made comments that were disconcerting to say the least in defense of the digital euro. In response to Donald Trump's statements that he wants to promote dollar-backed stablecoins “worldwide», the person concerned is concerned about the fees that commercial banks charge their customers:
I think the key word here is global. This solution, as you all know, further disintermediates banks, because they lose commissions, they lose customers. […] This is why we need a digital euro.
💡 What are the best euro-backed stablecoins?
If Europe truly had the pretension of competing with the dollar in the field of digital assets, it would have started by proposing a regulatory framework that would truly encourage innovation. Otherwise, Piero Cipollone's words here clearly show which way the scales lean.
While a digital euro may indeed present an advantage in the institutional world, its benefit for individuals is still far from having been demonstrated. And for good reason, the general public is completely unaware of what this will be used for, while crypto investors are no more convinced of its usefulness and are worried about the increased control that it would give the ECB over our finances.
👉 Also in the news — OKX obtains MiCA pre-authorization: a decisive step for its European expansion
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Source: Reuters
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Since 2021, I have devoted my free time to seriously educating myself on cryptocurrencies in order to acquire maximum knowledge and credibility. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyzes on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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