Piero Cipollone, a member of the European Central Bank (ECB) board, expressed concerns that the United States’ push for dollar-backed stablecoins in the global economy could negatively impact European financial institutions by distracting users from their products and services.
Cipollone singled out Donald Trump’s statement that he intends to “promote the development and growth of legitimate dollar-backed stablecoins around the world.” According to the ECB representative, the response to this potential expansion of American cryptocurrency instruments could be the accelerated implementation of the digital euro, the European uniоn’s own digital currency.
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