based on materials from the website -
By BH NEWS
The European Union is rapidly advancing its plans for the development of a digital euro, which has been facilitated by the recent introduction of detailed regulations on the stablecoin industry by the United States. This move by the US has raised concerns in Europe about the position of the euro in the rapidly evolving crypto-asset market.
In light of the US passing the Genius Act, which establishes clear frameworks for stablecoins, pressure is mounting on the EU. The American market, largely dollar-oriented, is valued at $288 billion. Given that the value of stablecoins such as USDT has exceeded $167 billion, the EU is in urgent need of accelerating the development of its digital currency.
Currently, Brussels is reviewing potential pathways for the digital euro. It is being discussed whether to support the digital euro within a closed system under the supervision of the European Central Bank or to develop it using public blockchain technologies.
Why is competition critically important for the EU? As debates continue, EU officials have unequivocally stated the need for the urgent development of a digital currency capable of withstanding global competition. Without decisive action, the EU risks falling behind other global players in financial innovation.
While the US already has established networks, the EU is exploring options for creating a fully centralized system controlled by the state. The choice of infrastructure has yet to be determined; the question of adopting existing public networks such as Ethereum and Solana remains unclear.
• The need for urgent development is driven by progress in regulation in the US.
• The EU must quickly establish technological frameworks.
• Strategic forecasting is necessary for long-term competitiveness.
Some EU officials emphasize the need to ensure the international competitiveness of the digital euro. One senior official stated:
"New US regulations require Europe to act promptly regarding the digital euro."
In the long term, European institutions intend to explore technological solutions for the digital euro. A final statement on these matters is expected to be made soon, signaling the onset of an interesting phase in the development of EU digital currencies.
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