Exc Exec renew the pressure on the digital euro to counter the growth of Stablecoin

The European Central Bank is intensifying its warnings about the adoption of Stablecoin, as a senior official calls for curbing the impact of holes in the US dollar across the continent.

European Central Bank Board of Directors Whistle Another article highlights concerns about the increasing popularity of the US dollar, Stablecoins, on the pretext that the launch of a Central Bank Digital (CBDCIt can help maintain cash sovereignty in the euro area.

Possibilities The digital euro “It would limit the possibility of foreign currency Stablecoins to become a common way to exchange in the euro area,” Cipolline wrote in a statement published on April 8 on the official website of the European Central Bank.

Notes follow a series of similar general data from Cipolline, which was a vocal defender on the digital euro as a strategic response to The dominance of the dollar -backed Stablecooins in Europe.

“A partnership between the public and private sectors to retain sovereignty”

In the latest article, Cipolline repeated that excessive dependence on foreign service providers – including Stablecoins as well as international cards – displays cash sovereignty in Europe.

The central bank said: “It also emphasizes the urgent need for the digital euro. Failure to act will not only expose us to great risks, but also deprives us of a great opportunity,” the central bank said.

Cipolline also cited concerns about the United States An increasingly friendly encoding position Under current management, including efforts Promoted Stablecoins is the dollar based in the world.

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He said: “They are likely to result from the additional losses of fees and data, but also in the euro deposits that are transferred to the United States and in additional strengthening the role of the dollar in the cross -border payments,” adding: “

“In the face of these challenges, we need a partnership between the public and private sectors to preserve our sovereignty. The digital euro-European and sovereign payment means based on the legislation of the European Union-will be the cornerstone of this partnership.”

The European Central Bank wants to promote criticism, but it cannot do this via the Internet

Cipolline also highlighted the “vital role of criticism” in ensuring financial inclusion and flexibility, saying that criticism is still “the cornerstone of the European financial system”, which is the only sovereign payment method.

However, the increased preference for digital payments has limited the use of cash as the rapid growth of online shopping, which now represents a third of European retail transactions.

“Criticism cannot be used online, and the European payment service cannot be used, which means that we need to rely on non -European payment systems,” Cipolline added.

He said, “It is time to act now.” “It has become progress in both digital euro and regulation regarding the status of the legal tender for criticism if we want to increase our flexibility in possible disturbances and reflect our constantly increasing dependence on foreign companies.”

Despite the ongoing efforts of the European Central Bank, the proposed digital euro is He faced criticism and suspicion between European consumersEspecially about the concerns of data privacy.

A working paper for the European Central Bank on the digital euro published in March showed that European consumers are not interested in adopting the digital euro, with many Seeing a small value in the potential CBDC.

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