๐ ECB Accelerates Digital Euro as Trump Pushes Dollar-Backed Stablecoins! ๐๐ถ
The European Central Bank (ECB) is moving quickly to finalize its digital euro project following Donald Trump's bold stance on dollar-backed stablecoins. ๐บ๐ธ๐ฐ
ECB board member Piero Cipollone warned that the rise of US stablecoins in Europe could drain deposits from European banks, strengthening the USDโs dominance. ๐ฆโ ๏ธ
๐ The European Commission proposed digital euro legislation in June 2023, but it has faced delays. However, with increasing global competition, EU policymakers may now accelerate the process to finalize the digital euro by November 2025. ๐ฅ๐
๐ The CBDC Race Is Heating Up! ๐
While Nigeria, Jamaica, and the Bahamas have already launched their CBDCs, over 44 countries, including China, Russia, Brazil, and Australia, are running pilots. Now, the EU is feeling the heat! ๐ฅ
๐ Will the digital euro strengthen Europe's monetary system, or is it a race against the USD-backed stablecoins? ๐ค๐ญ
Drop your thoughts in the comments! โฌ๏ธ๐ฌ
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